Building Communities Enriching Lives

Transcription

Building Communities Enriching Lives
JOHOR LAND BERHAD
JohorLand
Laporan Tahunan 2006 Annual Report
BERHAD 12379-K
(12379-K)
Laporan Tahunan
2006
10th Floor, KOMTAR, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor, Malaysia.
Tel: 07-227 2692 Fax: 07-226 2962
Annual Report
www.jland.com.my
Building Communities
Enriching Lives
building
communities,
enriching lives
J Land, with over three decades of
experience has grown to be a dominant
player in the property sector. Through
the creation of carefully planned
neighbourhoods and communities
complemented with complete infrastructure
and modern amenities, JLand has elevated
the quality of living for many, besides
raising the investment values for both
homeowners and shareholders alike.
J Land is not just about building
communities, it’s about enriching lives.
JOHOR LAND BERHAD
(12379-K)
corporate vision
v i s i
k o r p o r a t
to be the leading property company
menjadi syarikat peneraju di sektor hartanah
corporate profile
Johor Land Berhad (JLand) is a successful property developer listed on the Main Board of
Bursa Malaysia Securities Berhad with a strong track record of building thriving communities
in Johor going back to 1972. One of its key achievements is the development of residential
neighbourhoods in the Township of Pasir Gudang.
JLand’s long term commitment to sustainable development and its ability to respond to the
needs of the local market has made JLand a dominant property developer in Johor. This
commitment and this ability is made possible through understanding homeowners’ need for
quality and functionality. Our success is in giving our customers value for their money and
assets with potential for appreciation.
The company currently has a prime land bank of over 3,000 acres in Johor. In its endeavour
to be a premier property company in the country, it intends to expand its presence throughout
Malaysia and the region and to widen its involvement in other sectors of the property industry.
JLand is prepared to develop viable parcels of land in areas outside its present area of
operation and to participate in acquiring, developing and owning investment properties.
p r o f i l
k o r p o r a t
Johor Land Berhad (JLand) merupakan pemaju hartanah berjaya yang disenaraikan di Papan
Utama Bursa Malaysia Securities Berhad dan mempunyai rekod pencapaian yang kukuh dalam
membangunkan komuniti yang berkembang di Johor sejak tahun 1972. Salah satu pencapaian
utamanya adalah pembangunan kediaman perjiranan di Perbandaran Pasir Gudang.
Komitmen jangka panjang JLand untuk pembangunan yang berterusan dan keupayaannya
bertindak balas terhadap keperluan pasaran tempatan menjadikan JLand sebuah pemaju
hartanah yang terutama di Johor. Komitmen dan keupayaan ini tercapai melalui kefahaman
terhadap kehendak pemilik kediaman untuk kualiti dan fungsi kediaman. Kejayaan kami adalah
dalam memberi pulangan nilai wang dan potensi peningkatan nilai aset kepada pelangganpelanggan kami.
Syarikat kini mempunyai lebih dari 3,000 ekar simpanan tanah utama di Johor. Dalam usahanya
untuk menjadi syarikat hartanah yang unggul di negara ini, JLand berhasrat untuk
memperluaskan aktivitinya ke seluruh Malaysia dan rantau ini serta memperluaskan
penglibatannya dalam sektor-sektor lain dalam industri hartanah. JLand bersedia untuk
membangunkan tanah-tanah yang berdaya maju di luar kawasan operasi sedia ada dan untuk
melibatkan diri dalam mengambil alih, membangun dan memiliki pelaburan hartanahnya sendiri.
2
Johor Land Berhad
laporan tahunan 2006 annual report
27/02/2006
Declaration of interim dividend for financial year
2005
Peng isytiharan dividen interim bag i t ahun
kewangan 2005
28/02/2006
Quarterly report on consolidated results for the
financial period ended 31/12/2005
Laporan suku tahun kewangan yang disatukan
bagi tempoh berakhir 31/12/2005
31/03/2006
Date of entitlement for interim dividend 2005
Tarikh kelayakan menerima dividen interim 2005
12/04/2006
Declaration of final dividend for financial year
2005
Pengisytiharan dividen akhir bagi tahun kewangan
2005
21/04/2006
Date of payment of interim dividend for financial
year 2005
Tarikh bayaran dividen interim bagi tahun
kewangan 2005
24/04/2006
Notice of 31st Annual General Meeting and
Extraordinary General Meeting
Notis Mesyuarat Agung Tahunan kali ke-31 dan
Mesyuarat Agung Luarbiasa
24/05/2006
31st Annual General Meeting & Extraordinary
General Meeting
Mesyuarat Agung Tahunan kali ke-31 & Mesyuarat
Agung Luarbiasa
24/05/2006
Quarterly report on consolidated results for the
financial period ended 31/03/2006
Laporan suku tahun kewangan yang disatukan
bagi tempoh berakhir 31/03/2006
contents
kandungan mukasurat
2
Corporate Vision
Visi Korporat
2
Corporate Profile
Profil Korporat
3
2006 Financial Calendar
Kalendar Kewangan 2006
4
Corporate Information
Maklumat Korporat
6
Board of Directors
Lembaga Pengarah
8
Profile of the Board of Directors
Profil Lembaga Pengarah
18
Corporate Structure
Struktur Korporat
19
Teraju Committee
Jawatankuasa Teraju
20
STATEMENT TO SHAREHOLDERS
PENYATA KEPADA PARA PEMEGANG SAHAM
02/06/2006
Date of entitlement for final dividend 2005
Tarikh kelayakan menerima dividen akhir 2005
34
30/06/2006
Date of payment of final dividend for financial
year 2005
Tarikh bayaran dividen akhir bagi tahun kewangan
2005
2006 Corporate Diary
Diari Korporat 2006
36
Audit Committee Report
Quarterly report on consolidated results for the
financial period ended 30/06/2006
Laporan suku tahun kewangan yang disatukan
bagi tempoh berakhir 30/06/2006
39
Statement on Corporate Governance
44
Statement on Internal Control
47
Statement on Directors’ Responsibility
48
Additional Disclosure Information
50
FINANCIAL STATEMENTS
93
Location of Land Bank and Projects
94
List of Properties
Shareholdings Statistics
29/08/2006
03/11/2006
27/11/2006
Declaration of interim dividend for financial year
2006
Peng isytiharan dividen interim bag i t ahun
kewangan 2006
Quarterly report on consolidated results for the
financial period ended 30/09/2006
Laporan suku tahun kewangan yang disatukan
bagi tempoh berakhir 30/09/2006
07/12/2006
Date of entitlement for interim dividend 2006
Tarikh kelayakan menerima dividen interim 2006
99
21/12/2006
Date of payment of interim dividend for financial
year 2006
Tarikh bayaran dividen interim bagi tahun
kewangan 2006
101 Notice of Annual General Meeting
103 Notis Mesyuarat Agung Tahunan
2006 financial
calendar
105 Statement Accompanying
The Notice of Annual General Meeting
106 Penyata Bersama
Notis Mesyuarat Agung Tahunan
107 Corporate Directory
Proxy Form
Borang Proksi
kalendar kewangan 2006
Johor Land Berhad
2006 annual report
laporan tahunan
3
corporate information
m a k l u m a t
k o r p o r a t
Board of Directors / Lembaga Pengarah
TAN SRI DATO’ MUHAMMAD ALI HASHIM
MAHLIL BIN OMAR
Chairman / Pengerusi
Independent Non Executive Director
Pengarah Bebas Bukan Eksekutif
Non Independent Non Executive Chairman
Pengerusi Bukan Bebas Bukan Eksekutif
■
LUKMAN BIN HJ ABU BAKAR
MOHD TALHAR BIN ABDUL RAHMAN
■
Deputy Chairman / Timbalan Pengerusi
Non Independent Non Executive Director
Pengarah Bukan Bebas Bukan Eksekutif
Non Independent Non Executive Deputy Chairman
Timbalan Pengerusi Bukan Bebas Bukan Eksekutif
ABDUL MALEK BIN TALIB
A.F.M SHAFIQUL HAFIZ
Non Independent Executive Director
Pengarah Bukan Bebas Eksekutif
Managing Director / Pengarah Urusan
YUSOF BIN RAHMAT
KUA HWEE SIM
■
Independent Non Executive Director
Pengarah Bebas Bukan Eksekutif
Non Independent Non Executive Director
Pengarah Bukan Bebas Bukan Eksekutif
DATO HJ HASSAN BIN HJ MOHD YUNOS
Independent Non Executive Director
Pengarah Bebas Bukan Eksekutif
■
Audit Committee
Jawatankuasa Audit
Company Secretaries / Setiausaha-setiausaha Syarikat
Jamalludin Bin Kalam
LS 02710
4
Johor Land Berhad
laporan tahunan 2006 annual report
Idham Jihadi Bin Abu Bakar
ACIS (MAICSA 7007381)
maklumat korporat
REGISTERED OFFICE
PEJABAT BERDAFTAR
STOCK EXCHANGE LISTING
PENYENARAIAN BURSA SAHAM
13th Floor
Menara Johor Corporation
KOTARAYA, 80000 Johor Bahru
Johor, Malaysia
Tel : 07-223 2692
Fax / Faks : 07-223 3175
Main Board of Bursa Malaysia Securities Berhad
Papan Utama Bursa Malaysia Securities Berhad
AUDITORS
JURUAUDIT
KPMG
SHARE REGISTRAR
PENDAFTAR SAHAM
PRINCIPAL BANKERS
BANK-BANK UTAMA
Pro-Corporate Management Services Sdn. Bhd.
(Company No. 349501-M)
Suite 2, 17th Floor
Kompleks Tun Abdul Razak
Jalan Wong Ah Fook
80000 Johor Bahru, Johor
Tel : 07-222 5044
Fax / Faks : 07-222 3044
E-mail : [email protected]
Malayan Banking Berhad
Bank Muamalat Malaysia Berhad
Johor Land Berhad
2006 annual report
laporan tahunan
5
board of
LE M BAGA
6
directors
PE NGARAH
Johor Land Berhad
laporan tahunan 2006 annual report
lembaga pengarah
Standing from left to right / Berdiri dari kiri ke kanan:
Yusof Bin Rahmat
Mahlil Bin Omar
Dato Hj Hassan Bin Hj Mohd Yunos
A.F.M Shafiqul Hafiz
Managing Director / Pengarah Urusan
Tan Sri Dato’ Muhammad Ali Hashim
Chairman / Pengerusi
Kua Hwee Sim
Lukman Bin Hj Abu Bakar
Abdul Malek Bin Talib
Mohd Talhar Bin Abdul Rahman
Deputy Chairman / Timbalan Pengerusi
Johor Land Berhad
2006 annual report
laporan tahunan
7
profile
of the
board of
directors
profil lembaga
pengarah
Tan Sri Dato’
Muhammad Ali Hashim
Chairman / Pengerusi
Tan Sri Dato’ Muhammad Ali Hashim, aged 60, a
Malaysian, is a Non Independent Non Executive
Director and the Chairman of JLand. Tan Sri was
appointed to the Board on 1 January 2006.
Tan Sri is the Group Chief Executive of Johor Corporation
(JCorp), the ultimate holding corporation of JLand, since
January 1982. He graduated from the University of
Malaya with a Bachelor of Economics (Honours) degree
in 1969 and participated in the Senior Executive
Programme, Stanford University USA, in 1985. Tan Sri
was conferred the Honorary Doctor of Management by
Universiti Teknologi Malaysia on 19 August 2000.
Tan Sri’s tenacity, entrepreneurial verve and visionary
leadership has built JCorp into a leading Malaysian
conglomerate involved in several business sectors such
as Palm Oils and Oleochemicals, Quick Service
Restaurants, Healthcare, Property and Hotels and
Intrapreneur Venture.
JCorp has successfully managed Malaysia’s first
‘privatised’ local authority, namely the Pasir Gudang Local
Authority (PGLA), with Tan Sri as President since January
1982. JCorp was the single most important agency
responsible for Pasir Gudang’s development into one of
Malaysia’s most vibrant industrial townships. PGLA made
history by becoming the first business-driven Local
Authority in Malaysia to issue a Mudharabah Bond rated
triple ‘A’ by Ratings Agency Malaysia (RAM).
JCorp, under the leadership of Tan Sri, has won many
awards, including the prestigious Inaugural Prime
Minister’s Quality Awards for Public Sector in 1990.
Tan Sri was recognised as Entrepreneur of the Year by
Rotary Club of Johor Bahru in 1994 and Director of the
Year for 1995 by the Malaysian Institute of Directors for
his commitment towards quality, entrepreneurial effort
and corporate professionalism. He was also named as
Property CEO of the Year 2005 by the International Real
Estate Federation (FIABCI – Malaysia) and awarded the
World Halal Forum Best Corporate Social Responsibility
Program Award 2006 from YAB Dato’ Seri Abdullah
Hj Ahmad Badawi, Prime Minister of Malaysia on 8 May
2006. Recently he was awarded the prestigious Maal
Hijrah 1428H Appreciation Award by Duli Yang Maha
Mulia Seri Paduka Baginda Yang DiPertuan Agong on
20 January 2007.
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Johor Land Berhad
laporan tahunan 2006 annual report
profil lembaga pengarah
Tan Sri also sits as Chairman of QSR
Brands Bhd, KFC Holdings (Malaysia) Bhd,
KPJ Healthcare Berhad, Kulim (Malaysia)
Berhad and Sindora Berhad, which are
JCorp’s subsidiaries listed on the Main
Board of the Bursa Malaysia Securities
Berhad. Tan Sri also sits as Chairman of
Damansara Realty Berhad, an Associate of
JCorp listed on the Main Board of the Bursa
Malaysia Securities Berhad. Tan Sri is also
active as Council Member of Malaysian
Industrial Development Authority (MIDA),
President of Johor Football Association,
President of Malaysian Kite Council, Vice
President of Malaysian Islamic Chamber of
Commerce (MICC), Chairman of Corporate
Bureau of MICC and Chairman of Kumpulan
Waqaf An-Nur Berhad, a charit able
institution extending healthcare services to
the poor and the needy. He is also
Chairman and/or Director of several other
companies.
Tan Sri Dato’ Muhammad Ali has written
several books on business and management
entitled ‘Membujur Lalu ...’ in 1996, ‘Bisnes
Satu Cabang Jihad’ in 2003 and ‘Pengisian
Agenda Ekonomi Di Bawah Konsep Islam
Hadhari: Menjadikan Bisnes Satu Cabang
Jihad’ in 2004. The book ‘Bisnes Satu
Cabang Jihad’ has been translated into
Bahasa Indonesia.
Other than as disclosed, he does not have
any family relationship with any director
and/or major shareholder of JLand. He has
no personal interest in any business
arrangement involving JLand. He has not
been convicted for any offence and has
attended all four (4) Board of Directors’
Meetings of the Company in the financial
year ended 31 December 2006.
Tan Sri Dato’ Muhammad Ali Hashim, berusia
60 tahun, warganegara Malaysia, merupakan
Pengarah Bukan Bebas Bukan Eksekutif dan
Pengerusi JLand. Tan Sri telah dilantik ke
Lembaga Pengarah pada 1 Januari 2006.
Tan Sri adalah Ketua Eksekutif Kumpulan Johor
Corporation (JCorp), perbadanan induk JLand,
sejak Januari 1982. Beliau memperolehi Ijazah
Sarjana Muda Ekonomi (Kepujian) daripada
Universiti Malaya pada 1969 dan telah
menyertai Program Eksekutif Kanan, Stanford
University, USA pada tahun 1985. Tan Sri telah
dianugerahkan Doktor Kehormat Pengurusan
oleh Universiti Teknologi Malaysia pada 19
Ogos 2000.
Berkeperibadian gigih dan cekal, tinggi
semangat keusahawanan serta berdaya
kepimpinan berwawasan, Tan Sri telah
membina JCorp sehingga menjadi sebuah
konglomerat Malaysia yang unggul yang terlibat
di dalam pelbagai sektor bisnes seperti Minyak
Sawit dan Oleokimia, Restoran Makanan
Segera, Prisihatin, Hartanah dan Hotel dan
‘Intrapreneur Venture’.
JCorp telah berjaya menguruskan pihak
berkuasa tempatan yang pertama di Malaysia
yang diurus berteraskan prinsip swasta iaitu
Pihak Berkuasa Tempatan Pasir Gudang (PBT
Pasir Gudang). Tan Sri bertanggungjawab
selaku Presiden PBT Pasir Gudang sejak Januari
1982. JCorp merupakan agensi utama yang
bertanggungjawab ke atas pembangunan Pasir
Gudang sehingga berjaya dimajukan menjadi
sebuah bandar perindustrian yang unggul. PBT
Pasir Gudang telah menempa sejarah dengan
menjadi Pihak Berkuasa Tempatan di Malaysia
yang pertama menerbitkan Bon Mudharabah
dengan penarafan tiga ‘A’ oleh Ratings Agency
Malaysia (RAM).
JCorp, di bawah kepimpinan Tan Sri telah
berjaya merangkul banyak anugerah termasuk
Anugerah Kualiti Perdana Menteri untuk Sektor
Awam pada tahun 1990. Tan Sri telah
menerima Anugerah Usahawan Tahunan
Terbaik oleh Kelab Rotary, Johor Bahru pada
tahun 1994 dan Pengarah Tahunan Terbaik
pada tahun 1995 oleh Institut Pengarah
Malaysia bagi menghargai komitmen serta
profesionalisma beliau terhadap kualiti
pengurusan dan keusahawanan. Beliau juga
telah menerima Anugerah Ketua Eksekutif
Hartanah bagi tahun 2005 oleh International
Real Estate Federation (FIABCI-Malaysia) dan
Anugerah Korporat Terbaik Program
Kemasyarakatan (CSR) di Majlis Forum Halal
Sedunia 2006 yang disampaikan oleh YAB
Dato’ Seri Abdullah Hj Ahmad Badawi, Perdana
Menteri Malaysia pada 8 Mei 2006. Baru-baru
ini, beliau telah dikurniakan Anugerah
Penghargaan Maal Hijrah 1428H oleh Duli
Yang Maha Mulia Seri Paduka Baginda Yang
DiPertuan Agong pada 20 Januari 2007.
Tan Sri juga adalah Pengerusi QSR Brands
Bhd, KFC Holdings (Malaysia) Bhd, KPJ
Healthcare Berhad, Kulim (Malaysia) Berhad
dan Sindora Berhad, kesemuanya syarikatsyarikat di dalam Kumpulan JCorp yang
tersenarai di Papan Utama Bursa Malaysia
Securities Berhad. Tan Sri juga adalah
Pengerusi Damansara Realty Berhad, Syarikat
Bersekutu JCorp yang tersenarai di Papan
Utama Bursa Malaysia Securities Berhad. Tan
Sri juga aktif sebagai Ahli Majlis Lembaga
Pembangunan Industri Malaysia (MIDA),
Presiden Persatuan Bolasepak Johor, Presiden
Majlis Pelayang Malaysia, Naib Presiden Dewan
Perdagangan Islam Malaysia (DPIM), Pengerusi
Biro Korporat DPIM dan Pengerusi Kumpulan
Waqaf An-Nur Berhad, sebuah institusi
kebajikan yang menyediakan rawatan perubatan
kepada mereka yang kurang berkemampuan
dan yang memerlukan. Beliau juga menjadi
Pengerusi dan/atau Pengarah di dalam
beberapa buah syarikat lain.
Tan Sri Dato’ Muhammad Ali juga telah
menulis beberapa buah buku bisnes dan
pengurusan bertajuk ‘Membujur Lalu …’ pada
tahun 1996, ‘Bisnes Satu Cabang Jihad’ pada
tahun 2003 dan ‘Pengisian Agenda Ekonomi Di
Bawah Konsep Islam Hadhari: Menjadikan
Bisnes Satu Cabang Jihad’ pada tahun 2004.
Buku ‘Bisnes Satu Cabang Jihad’ telah
diterjemahkan ke dalam Bahasa Indonesia.
Selain daripada yang telah dimaklumkan, beliau
tidak mempunyai sebarang hubungan
kekeluargaan dengan mana-mana pengarah
dan/atau pemegang saham utama JLand Beliau
juga tidak mempunyai sebarang kepentingan
peribadi di dalam sebarang urusan perniagaan
yang melibatkan JLand. Beliau tidak pernah
dijatuhkan hukuman atas sebarang kesalahan
dan telah menghadiri kesemua empat (4)
Mesyuarat Lembaga Pengarah Syarikat bagi
tahun kewangan berakhir 31 Disember 2006.
Johor Land Berhad
2006 annual report
laporan tahunan
9
profile of the board of directors
Mohd Talhar Bin Abdul Rahman
Deputy Chairman / Timbalan Pengerusi
Mohd Talhar Bin Abdul Rahman, aged 67, a Malaysian, is a Non
Independent Non Executive Director and also the Deputy
Chairman of JLand. He was appointed as a Director of JLand on
15 April 1996. On 1 February 2001, he was appointed as the
Chairman and with effect from 1 January 2006, he resigned as
the Chairman and was re-appointed as the Deputy Chairman on
6 January 2006. He is a Chartered Surveyor by profession and
was made a Fellow of the Royal Institution of Chartered
Surveyors in 1973. He is also a Fellow of the Institution of
Surveyors (Malaysia) in 1985.
He served in both the State and Malaysian Civil Services; in the
Local Government and Housing Department, Johor from 1964 to
1967, and as Director of Valuation in the Ministry of Finance
from 1968 to 1972. In 1974, he co-founded C H Williams Talhar
& Wong (WTW), a Valuation and Property Consultancy Firm and
became the Group Chairman of WTW since 1982. He sits on the
Board of Courts Mammoth Berhad, a company listed on the
Bursa Malaysia Securities Berhad and also a Director of
Pelaburan Johor Berhad, a public company.
Other than as disclosed, he does not have any family
relationship with any director and/or major shareholder of JLand.
He has no personal interest in any business arrangement
involving JLand. He has not been convicted for any offence and
has attended two (2) Board of Directors’ Meetings of the
Company in the financial year ended 31 December 2006.
Currently, he owns 7,920 units of ordinary shares of JLand.
Mohd Talhar Bin Abdul Rahman, berusia 67 tahun, warganegara
Malaysia, merupakan Pengarah Bukan Bebas Bukan Eksekutif dan
juga sebagai Timbalan Pengerusi JLand. Beliau telah dilantik
sebagai Pengarah JLand pada 15 April 1996. Pada 1 Februari
2001, beliau telah dilantik sebagai Pengerusi dan berkuatkuasa
daripada 1 Januari 2006, beliau meletakkan jawatan sebagai
Pengerusi dan dilantik semula sebagai Timbalan Pengerusi pada
6 Januari 2006. Beliau ialah seorang “Chartered Surveyor” dan
telah menjadi “Fellow of the Royal Institution of Chartered
Surveyor” pada tahun 1973. Beliau juga merupakan “Fellow of
the Institution of Surveyors” (Malaysia) pada tahun 1985.
Beliau telah berkhidmat di Perkhidmatan Awam Peringkat Negeri
dan Malaysia; di Jabatan Perumahan dan Kerajaan Tempatan,
Johor dari tahun 1964 hingga 1967 dan sebagai Pengarah
Penilaian di Kementerian Kewangan dari tahun 1968 hingga
1972. Pada tahun 1974, beliau telah bersama-sama menubuhkan
C H Williams Talhar & Wong (WTW), sebuah Firma Penilaian dan
Perunding Hartanah dan menjadi Pengerusi Kumpulan WTW
sejak tahun 1982. Beliau adalah Ahli Lembaga Pengarah Courts
Mammoth Berhad, sebuah syarikat yang tersenarai di Bursa
Malaysia Securities Berhad dan juga Pengarah Pelaburan Johor
Berhad, sebuah syarikat awam.
Selain daripada yang dimaklumkan, beliau tidak mempunyai
sebarang hubungan kekeluargaan dengan mana-mana pengarah
dan/atau pemegang saham utama JLand. Beliau juga tidak
mempunyai kepentingan peribadi dalam sebarang urusan
perniagaan yang melibatkan JLand. Beliau juga tidak pernah
dijatuhkan hukuman atas sebarang kesalahan dan telah
menghadiri dua (2) Mesyuarat Lembaga Pengarah Syarikat bagi
tahun kewangan berakhir pada 31 Disember 2006. Pada masa
ini, beliau memegang sebanyak 7,920 unit saham JLand.
10
Johor Land Berhad
laporan tahunan 2006 annual report
profil lembaga pengarah
A.F.M Shafiqul Hafiz
Managing Director / Pengarah Urusan
A.F.M Shafiqul Hafiz, aged 60, a Bangladeshi and Malaysian
Permanent Resident, was appointed to the Board and as
Managing Director of JLand since 1 May 1988. Mr Shafiqul
graduated with a Bachelor of Science Degree majoring in Civil
Engineering from East Pakistan University of Engineering and
Technology, Dhaka in 1967. He also holds a Master of Science
Degree in Civil Engineering from Middle East Technical University
of Ankara, Turkey which he obtained in 1971. He is also
registered with the Institute of Engineers, Australia, as a
Chartered Professional Engineer. In 1992, he attended a Senior
Management Program on Public Enterprise at Harvard, USA.
He has been a National Council Member of International Real
Estate Federation (FIABCI) Malaysian Chapter since 2000. He has
also been elected as Vice President by FIABCI International for
its Asia Pacific Regional Committee for the term 2007 till 2009.
He began his career as an Engineer in Dhaka, East Pakistan in
1968. His career in Malaysia dates back to 1974 when he joined
Public Works Department of Malaysia as a Project Engineer. Later
he joined Johor Corporation in 1983 and has held various
positions within the Group before being appointed as the
Managing Director of JLand in 1988 and as the Chief Executive
of the Property Development Division of Johor Corporation since
1991. He is Chairman of Puteri Hotels Sdn. Bhd. and its Group
of hotels as well as Chairman of TPM Technopark Sdn. Bhd. He
is also Chairman and Director of several other companies within
the Johor Corporation Group.
Beliau memulakan kerjayanya sebagai Jurutera di Dhaka, Pakistan
Timur pada tahun 1968. Kerjaya beliau di Malaysia bermula sejak
tahun 1974 apabila beliau menyertai Jabatan Kerja Raya Malaysia
sebagai Jurutera Projek. Beliau kemudian telah berkhidmat dengan
Johor Corporation pada tahun 1983 dan telah memegang pelbagai
jawatan di dalam Kumpulan sebelum dilantik sebagai Pengarah
Urusan JLand pada tahun 1988 dan sebagai Ketua Eksekutif
Bahagian Pembangunan Hartanah, Johor Corporation sejak tahun
1991. Beliau adalah Pengerusi Puteri Hotels Sdn. Bhd. dan hotelhotel dalam Kumpulannya serta Pengerusi TPM Technopark Sdn.
Bhd. Beliau juga adalah Pengerusi dan Pengarah di beberapa buah
syarikat dalam Kumpulan Johor Corporation.
Selain dari yang dimaklumkan, beliau tidak mempunyai sebarang
hubungan kekeluargaan dengan mana-mana pengarah dan/atau
pemegang saham utama JLand. Beliau juga tidak mempunyai
kepentingan peribadi dalam sebarang urusan perniagaan yang
melibatkan JLand. Beliau juga tidak pernah dijatuhkan hukuman
atas sebarang kesalahan dan telah menghadiri kesemua (4)
Mesyuarat Lembaga Pengarah Syarikat bagi tahun kewangan
berakhir pada 31 Disember 2006.
Other than as disclosed, he does not have any family
relationship with any director and/or major shareholder of JLand.
He has no personal interest in any business arrangement
involving JLand. He has not been convicted for any offence and
has attended all four (4) Board of Directors’ Meetings of the
Company in the financial year ended 31 December 2006.
A.F.M Shafiqul Hafiz, berusia 60 tahun, warganegara Bangladesh
dengan taraf Penduduk Tetap Malaysia, telah dilantik ke Lembaga
Pengarah dan sebagai Pengarah Urusan JLand sejak 1 Mei 1988.
En. Shafiqul memiliki Ijazah Sarjana Muda Sains dengan
pengkhususan dalam Kejuruteraan Awam dari East Pakistan
University of Engineering and Technology, Dhaka pada tahun
1967. Beliau juga memegang Ijazah Sarjana Sains dengan
pengkhususan dalam Kejuruteraan Awam dari Middle East
Technical University of Ankara, Turki yang telah diperolehinya
pada tahun 1971. Beliau juga berdaftar dengan “Institute of
Engineers” Australia sebagai “Chartered Professional Engineer”.
Pada tahun 1992, beliau telah menghadiri Program Pengurusan
Atasan mengenai Perusahaan Awam di Harvard, AS.
Beliau adalah Ahli Majlis Kebangsaan “International Real Estate
Federation” (FIABCI ) Bahagian Malaysia sejak tahun 2000. Beliau
juga telah dipilih sebagai Timbalan Presiden oleh FIABCI
Antarabangsa untuk Jawatankuasa Rantau Asia Pacific bagi
tempoh 2007 hingga tahun 2009.
Johor Land Berhad
2006 annual report
laporan tahunan
11
profile of the board of directors
Kua Hwee Sim
Director / Pengarah
Kua Hwee Sim, aged 54, a Malaysian, is an Independent Non
Executive Director. She was first appointed to the Board of JLand
on 1 May 1996. She is also the Chairman of the Audit
Committee. She is a Fellow of the Association of Chartered
Certified Accountant, United Kingdom and a Registered
Accountant of Malaysia and Singapore. She has more than thirty
years of corporate and financial experience in several industries
within Malaysia and overseas.
She is currently a Director of QSR Brands Bhd and KFC Holdings
(Malaysia) Bhd, as well as a Director of Kulim (Malaysia) Berhad
and Sindora Berhad which are Johor Corporation’s subsidiaries
listed on the Main Board of the Bursa Malaysia Securities
Berhad. She is also the Chairman of Audit Committee of QSR
Brands Bhd and KFC Holdings (Malaysia) Bhd and a member of
the Audit Committee of Kulim (Malaysia) Berhad and Sindora
Berhad. As a professional Accountant, she also provides financial
training for companies within Malaysia.
Other than as disclosed, she does not have any family
relationship with any director and/or major shareholder of JLand.
She has no personal interest in any business arrangement
involving JLand. She has not been convicted for any offence and
has attended all four (4) Board of Directors’ Meetings of the
Company in the financial year ended 31 December 2006.
Kua Hwee Sim, berusia 54 tahun, warganegara Malaysia,
merupakan Pengarah Bebas Bukan Eksekutif. Beliau telah dilantik
ke dalam Lembaga Pengarah JLand pada 1 Mei 1996. Beliau juga
adalah Pengerusi Jawatankuasa Audit. Beliau menjadi “Fellow of
the Association of Chartered Certified Accountant”, United
Kingdom dan merupakan seorang Akauntan Berdaftar di Malaysia
dan Singapura. Beliau memiliki pengalaman melebihi 30 tahun di
bidang korporat dan kewangan di dalam pelbagai industri di
Malaysia dan luar negara.
Beliau kini adalah Pengarah QSR Brands Bhd dan KFC Holdings
(Malaysia) Bhd, juga Pengarah Kulim (Malaysia) Berhad dan
Sindora Berhad yang merupakan syarikat-syarikat anak Johor
Corporation yang tersenarai di Papan Utama Bursa Malaysia
Securities Berhad. Beliau juga adalah Pengerusi Jawatankuasa
Audit QSR Brands Bhd dan KFC Holdings (Malaysia) Bhd dan
Ahli Jawatankuasa Audit Kulim (Malaysia) Berhad dan Sindora
Berhad. Sebagai Akauntan profesional, beliau juga memberikan
latihan kewangan kepada syarikat-syarikat di Malaysia.
Selain daripada yang dimaklumkan, beliau tidak mempunyai
sebarang hubungan kekeluargaan dengan mana-mana pengarah
dan/atau pemegang saham utama JLand. Beliau juga tidak
mempunyai kepentingan peribadi dalam sebarang urusan
perniagaan yang melibatkan JLand. Beliau juga tidak pernah
dijatuhkan hukuman atas sebarang kesalahan dan telah
menghadiri kesemua empat (4) Mesyuarat Lembaga Pengarah
Syarikat bagi tahun kewangan berakhir pada 31 Disember 2006.
12
Johor Land Berhad
laporan tahunan 2006 annual report
profil lembaga pengarah
Dato Hj Hassan Bin Hj Mohd Yunos
Director / Pengarah
Dato Hj Hassan Bin Hj Mohd Yunos, aged 71, a Malaysian, is an
Independent Non Executive Director. He was appointed to the
Board of JLand on 1 August 2005. Dato Hj Hassan is a Barristerat-Law from Lincoln’s Inn and was called to the Malaysian Bar in
1965. He had served in the Malaysian Judicial and Legal Services
for several years. Currently he is in legal practice, a senior
partner of the firm of Hassan Yunos & Co. He is principally in
corporate and real property and was involved at inception and in
the early stages of the development of Johor Corporation.
Selain daripada yang dimaklumkan, beliau tidak mempunyai
sebarang hubungan kekeluargaan dengan mana-mana pengarah
dan/atau pemegang saham utama JLand. Beliau juga tidak
mempunyai kepentingan peribadi dalam sebarang urusan
perniagaan yang melibatkan JLand. Beliau juga tidak pernah
dijatuhkan hukuman atas sebarang kesalahan dan telah
menghadiri tiga (3) Mesyuarat Lembaga Pengarah Syarikat bagi
tahun kewangan berakhir pada 31 Disember 2006. Pada masa
ini, beliau tidak memegang apa-apa saham JLand.
Other than as disclosed, he does not have any family
relationship with any director and/or major shareholder of JLand.
He has no personal interest in any business arrangement
involving JLand. He has not been convicted for any offence and
has attended three (3) Board of Directors’ Meetings of the
Company in the financial year ended 31 December 2006.
Currently, he does not own any shares of JLand.
Dato Hj Hassan Bin Hj Mohd Yunos, berusia 71 tahun,
warganegara Malaysia, merupakan Pengarah Bebas Bukan
Eksekutif. Beliau telah dilantik ke dalam Lembaga Pengarah JLand
pada 1 Ogos 2005. Dato Hj Hassan merupakan Barrister-at-Law
daripada Lincoln’s Inn dan diterima serta diperakui sebagai
Peguambela dan Peguamcara Malaysia pada tahun 1965. Beliau
pernah berkhidmat di Badan Kehakiman dan Perkhidmatan
Perundangan selama beberapa tahun. Kini, beliau terlibat dalam
bidang guaman dan merupakan Rakan Kongsi Kanan di firma
Hassan Yunos & Co. Beliau terlibat dalam bidang korporat dan
hartanah dan turut terlibat dalam pembangunan Johor
Corporation di awal penubuhannya.
Johor Land Berhad
2006 annual report
laporan tahunan
13
profile of the board of directors
Mahlil Bin Omar
Director / Pengarah
Mahlil Bin Omar, aged 61, a Malaysian, is an Independent Non
Executive Director. He was appointed to the Board of JLand on
3 July 2001. He is also a member of the Audit Committee. He
holds a Diploma in Estate Management from the Willesden
College of Technology, London. He is a Fellow of The Institution
of Surveyors, Malaysia and also a Registered Valuer & Estate
Agent with the Board of Valuers, Appraisers and Estate Agents,
Malaysia. He commenced his career in 1973 as a Valuer/
Property Manager at The Urban Development Authority (UDA).
From 1975 to 1977, he was the General Manager of Tampoi
New Town Development, Johor Bahru. He was then appointed as
a Director of the Property Division, UDA from 1977 to 1981.
From 1982 to 1988, he was a Director/Partner of Rahim & Co.
Chartered Surveyors Sdn. Bhd. He was appointed as the
Managing Director of Harta Consult Sdn. Bhd. in 1988. From
1989 to 1997, he was the General Manager and later the
Managing Director of Petronas Hartabina Sdn. Bhd. From 1997
to 2000, he was the Managing Director of KLCC Urusharta Sdn.
Bhd. In 2003, he was appointed as a Director and the Chairman
of Harta Consult Sdn. Bhd. as well as a Director and the
Chairman of Damansara Harta Management Sdn. Bhd.
From October 2001 to December 2006, he was an Independent
Non Executive Director of AmProperty Trust Management
Berhad, the Managers of AmFirst Property Trust. AmFirst
Property Trust is no longer listed on the Main Board of the Bursa
Malaysia Securities Berhad. It is now replaced by AmFIRST REIT.
Other than as disclosed, he does not have any family relationship
with any director and/or major shareholder of JLand. He has no
personal interest in any business arrangement involving JLand.
He has not been convicted for any offence and has attended all
four (4) Board of Directors’ Meetings of the Company in the
financial year ended 31 December 2006.
Mahlil Bin Omar, berusia 61 tahun, warganegara Malaysia,
merupakan Pengarah Bebas Bukan Eksekutif. Beliau telah dilantik
ke dalam Lembaga Pengarah JLand pada 3 Julai 2001. Beliau juga
adalah Ahli Jawatankuasa Audit. Beliau memiliki Diploma
Pengurusan Hartanah dari Willesden College of Technology,
London. Beliau merupakan seorang “Fellow of The Institution of
Surveyors” Malaysia dan juga seorang Penilai Berdaftar dan Ejen
Hartanah dengan “Board of Valuers, Appraisers and Estate
Agents” Malaysia. Beliau memulakan kerjayanya pada tahun 1973
sebagai Penilai/Pengurus Hartanah di Urban Development
Authority (UDA). Bermula dari tahun 1975 hingga 1977, beliau
merupakan Pengurus Besar Tampoi New Town Development,
Johor Bahru. Beliau kemudian telah dilantik sebagai Pengarah
Bahagian Hartanah UDA dari tahun 1977 hingga 1981.
Dari tahun 1982 hingga 1988, beliau merupakan Pengarah/
Rakan Kongsi Rahim & Co. Chartered Surveyors Sdn. Bhd. Beliau
dilantik sebagai Pengarah Urusan Harta Consult Sdn. Bhd. pada
tahun 1988. Dari tahun 1989 hingga 1997, beliau adalah
Pengurus Besar dan kemudiannya Pengarah Urusan Petronas
Hartabina Sdn. Bhd. Dari tahun 1997 hingga 2000, beliau
merupakan Pengarah Urusan KLCC Urusharta Sdn. Bhd. Pada
tahun 2003, beliau telah dilantik sebagai Pengarah dan Pengerusi
Harta Consult Sdn. Bhd. dan juga sebagai Pengarah dan
Pengerusi Damansara Harta Management Sdn. Bhd.
Dari Oktober 2001 hingga Disember 2006, beliau adalah Pengarah
Bebas Bukan Eksekutif di AmProperty Trust Management Berhad,
Syarikat Pengurus AmFirst Property Trust. AmFirst Property Trust
tidak lagi tersenarai di Papan Utama Bursa Malaysia Securities
Berhad. Ianya kini digantikan oleh AmFIRST REIT.
Selain daripada yang dimaklumkan, beliau tidak mempunyai
sebarang hubungan kekeluargaan dengan mana-mana pengarah
dan/atau pemegang saham utama JLand. Beliau juga tidak
mempunyai kepentingan peribadi dalam sebarang urusan
perniagaan yang melibatkan JLand. Beliau juga tidak pernah
dijatuhkan hukuman atas sebarang kesalahan dan telah
menghadiri kesemua empat (4) Mesyuarat Lembaga Pengarah
Syarikat bagi tahun kewangan berakhir pada 31 Disember 2006.
14
Johor Land Berhad
laporan tahunan 2006 annual report
profil lembaga pengarah
Lukman Bin Hj Abu Bakar
Director / Pengarah
Lukman Bin Hj Abu Bakar, aged 47, a Malaysian, is a Non
Independent Non Executive Director. He was appointed to the
Board of JLand on 1 August 2006. He is also a member of the
Audit Committee. He graduated with a Bachelor of Urban and
Regional Planning from the University of Technology Malaysia in
1982. He also holds a Post Graduate Diploma (Housing,
Building and Planning) from Institute for Housing Studies,
Rotterdam Holland.
He commenced his career in 1982 as a Town Planning Officer
of Johor Corporation. In 1988, he served as the same position
at Pasir Gudang Local Authority. He was the Deputy Manager of
Johor Corporation in the year of 1989. Then, he was appointed
as a Manager as well as the Deputy Secretary of Pasir Gudang
Local Authority in 1992. Later he served Sindora Berhad, a
subsidiary company of Johor Corporation as General Manager in
1995. Currently he is the Secretary of Pasir Gudang Local
Authority and also a Senior General Manager at Johor Corporation.
He also sits as a Director of Damansara Realty Berhad, which is
a JCorp’s subsidiary listed on the Main Board of Bursa Malaysia
Securities Berhad and as a Director of Syarikat Pengangkutan
Maju Berhad and Penawar Ekspress Line Berhad, other public
companies within the Johor Corporation Group. He also currently
sits on the board of several other companies within the Johor
Corporation Group.
JCorp yang tersenarai di Papan Utama Bursa Malaysia Securities
Berhad dan sebagai Pengarah Syarikat Pengangkutan Maju
Berhad dan Penawar Ekspress Line Berhad, syarikat-syarikat
awam dalam Kumpulan Johor Corporation. Beliau juga kini
merupakan Pengarah dalam beberapa syarikat lain dalam
Kumpulan Johor Corporation.
Selain daripada yang dimaklumkan, beliau tidak mempunyai
sebarang hubungan kekeluargaan dengan mana-mana pengarah
dan/atau pemegang saham utama JLand. Beliau juga tidak
mempunyai kepentingan peribadi dalam sebarang urusan
perniagaan yang melibatkan JLand. Beliau juga tidak pernah
dijatuhkan hukuman atas sebarang kesalahan dan telah
menghadiri dua (2) Mesyuarat Lembaga Pengarah Syarikat bagi
tahun kewangan berakhir pada 31 Disember 2006. Pada masa
ini, beliau tidak memegang apa-apa saham JLand.
Other than as disclosed, he does not have any family relationship
with any director and/or major shareholder of JLand. He has no
personal interest in any business arrangement involving JLand.
He has not been convicted for any offence and has attended two
(2) Board of Directors’ Meetings of the Company in the financial
year ended 31 December 2006. Currently, he does not own any
shares of JLand.
Lukman Bin Hj Abu Bakar, berusia 47 tahun, warganegara
Malaysia, merupakan Pengarah Bukan Bebas Bukan Eksekutif.
Beliau telah dilantik ke dalam Lembaga Pengarah JLand pada
1 Ogos 2006. Beliau juga merupakan Ahli Jawatankuasa Audit.
Beliau berkelulusan Ijazah Sarjana Muda Perancang Bandar dan
Wilayah dari Universiti Teknologi Malaysia pada tahun 1982.
Beliau juga memiliki Diploma Lepasan Ijazah (Perancang dan
Pembinaan, Perumahan) daripada Institute for Housing Studies,
Rotterdam Holland.
Beliau memulakan kerjayanya pada tahun 1982 sebagai Pegawai
Perancang Bandar, Johor Corporation. Pada tahun 1988, beliau
memegang jawatan yang sama di Pihak Berkuasa Tempatan Pasir
Gudang. Beliau merupakan Timbalan Pengurus di Johor
Corporation pada tahun 1989. Beliau kemudiannya dilantik
sebagai Pengurus dan juga sebagai Timbalan Setiausaha, Pihak
Berkuasa Tempatan Pasir Gudang pada tahun 1992. Beliau turut
berkhidmat di Sindora Berhad, sebuah syarikat dalam Kumpulan
Johor Corporation sebagai Pengurus Besar pada tahun 1995. Kini
beliau adalah Setiausaha Pihak Berkuasa Tempatan Pasir Gudang
dan Pengurus Besar Kanan di Johor Corporation. Beliau juga
adalah Pengarah Damansara Realty Berhad, sebuah syarikat anak
Johor Land Berhad
2006 annual report
laporan tahunan
15
profile of the board of directors
Abdul Malek Bin Talib
Director / Pengarah
Abdul Malek Bin Talib, aged 44, a Malaysian, is an Executive
Director of JLand. He was appointed to the Board of JLand on
1 January 2007. He is an engineer by profession and obtained
his Bachelor of Science majoring in Civil Engineering from
the Michigan State University, USA. He also holds a Master
in Business Administration from Henley Management College,
London.
He commenced his career as a Civil Engineer in the Technical
Department prior to his appointment as the Secretary of the
Executive Committee of Johor Corporation. Later, he was
transferred to JCorp subsidiary companies and held managerial
positions in Pembinaan Prefab Sdn. Bhd. and in JLand. In 2004,
he was promoted to his current position as the Chief Operating
Officer. He is also the Chairman and Director of several other
companies within the Johor Corporation Group.
Other than as disclosed, he does not have any family
relationship with any director and/or major shareholder of JLand.
He has no personal interest in any business arrangement
involving JLand. He has not been convicted for any offence.
Currently, he does not own any shares of JLand.
Abdul Malek Bin Talib, berusia 44 tahun, warganegara Malaysia,
merupakan Pengarah Eksekutif JLand. Beliau telah dilantik ke
dalam Lembaga Pengarah JLand pada 1 Januari 2007. Beliau
merupakan “engineer by profession” dan memperolehi Ijazah
Sarjana Muda Sains dengan pengkhususan dalam Kejuruteraan
Awam daripada Michigan State University, USA. Beliau juga
memiliki Sarjana dalam Pengurusan Perniagaan daripada Henley
Management College, London.
Beliau memulakan kerjayanya sebagai Jurutera Awam di Jabatan
Teknikal sebelum dilantik sebagai Setiausaha Jawatankuasa
Eksekutif Johor Corporation. Beliau kemudiannya ditempatkan ke
syarikat anak JCorp dan memegang jawatan-jawatan pengurusan
di Pembinaan Prefab Sdn. Bhd dan di JLand. Pada 2004, beliau
dilantik ke jawatan terkini sebagai Ketua Pegawai Operasi. Beliau
juga adalah Pengerusi dan Pengarah di beberapa buah syarikat
dalam Kumpulan Johor Corporation.
Selain daripada yang dimaklumkan, beliau tidak mempunyai
sebarang hubungan kekeluargaan dengan mana-mana pengarah
dan/atau pemegang saham utama JLand. Beliau juga tidak
mempunyai kepentingan peribadi dalam sebarang urusan
perniagaan yang melibatkan JLand. Beliau tidak pernah dijatuhkan
hukuman atas sebarang kesalahan. Pada masa ini, beliau tidak
memegang apa-apa saham JLand.
16
Johor Land Berhad
laporan tahunan 2006 annual report
profil lembaga pengarah
Yusof Bin Rahmat
Director / Pengarah
Yusof Bin Rahmat, aged 49, a Malaysian, is a Non Independent
Non Executive Director. He was appointed to the Board of JLand
on 1 January 2007. He graduated with Bachelor of Civil
Engineering (Honours) from the University of Sheffielld, United
Kingdom in 1980 before joining Johor Corporation in the same
year. He has held various positions in subsidiary companies
within the Corporation. In January 1997, he was appointed as the
Chief Executive of the Project Development Divison, Johor
Corporation. He was appointed as the Managing Director of TPM
Technopark Sdn. Bhd., a company within the Johor Corporation
Group since January 2002.
Selain daripada yang dimaklumkan, beliau tidak mempunyai
sebarang hubungan kekeluargaan dengan mana-mana pengarah
dan/atau pemegang saham utama JLand. Beliau juga tidak
mempunyai kepentingan peribadi dalam sebarang urusan
perniagaan yang melibatkan JLand. Beliau juga tidak pernah
dijatuhkan hukuman atas sebarang kesalahan. Pada masa ini,
beliau tidak memegang apa-apa saham JLand.
Other than as disclosed, he does not have any family
relationship with any director and/or major shareholder of JLand.
He has no personal interest in any business arrangement
involving JLand. He has not been convicted for any offence.
Currently, he does not own any shares of JLand.
Yusof Bin Rahmat, berusia 49 tahun, warganegara Malaysia,
merupakan Pengarah Bukan Bebas Bukan Eksekutif. Beliau telah
dilantik ke dalam Lembaga Pengarah JLand pada 1 Januari 2007.
Beliau memiliki Ijazah Sarjana Muda Kepujian dalam Kejuruteraan
Awam daripada University of Sheffielld, United Kingdom pada
tahun 1980 sebelum berkhidmat dengan Johor Corporation pada
tahun yang sama. Beliau memegang pelbagai jawatan dalam
syarikat-syarikat anak dalam Perbadanan. Pada Januari 1997,
beliau dilantik sebagai Ketua Eksekutif, Bahagian Pembangunan
Projek, Johor Corporation. Beliau dilantik sebagai Pengarah
Urusan TPM Technopark Sdn. Bhd., sebuah syarikat dalam
Kumpulan Johor Corporation sejak Januari 2002.
Johor Land Berhad
2006 annual report
laporan tahunan
17
corporate structure
s t r u k t u r
k o r p o r a t
JOHOR LAND BERHAD
(12379-K)
Property Development, Construction,
Property Investment and Investment Holding
Pembangunan Hartanah, Pembinaan,
Pelaburan Hartanah dan Pegangan Pelaburan
100%
100%
Advance Development
Sdn Bhd (13974-A)
Pembinaan Prefab
Sdn Bhd (30936-A)
Property Development
Pembangunan Hartanah
Construction
Pembinaan
75%
18
30.07%
Johor Land Manufacturing
Sdn Bhd (301430-D)
Revertex (Malaysia)
Sdn Bhd (13437-V)
Manufacturer of Metal Door
and Window Frames
Pengeluar Kerangka Pintu
dan Tingkap Besi
Manufacturer of Specialty Latex
Concentrate and Industrial Chemicals
Pengeluar Pati Susu Getah Asli
dan Bahan Kimia Industri
Johor Land Berhad
laporan tahunan 2006 annual report
2
3
4
5
6
7
1
4
7
1
1
2
3
A.F.M SHAFIQUL HAFIZ
Managing Director/Pengarah Urusan
5
ABDUL MALEK BIN TALIB
Chief Operating Officer/Ketua Pegawai Operasi
6
SETH BIN JAMALUDDIN
Deputy General Manager, Marketing Division
Timbalan Pengurus Besar, Bahagian Pemasaran
7
NORFAZAHAH BINTI AHMAD
Deputy General Manager, Managing Director’s Office
Timbalan Pengurus Besar, Pejabat Pengarah Urusan
MOHD RAZIF BIN AB. RAHIM
General Manager, Tebrau Division
Pengurus Besar, Bahagian Tebrau
SHEIKH BAHNAN BIN SHEIKH BAKIR
Deputy General Manager, Contract Department
Timbalan Pengurus Besar, Jabatan Kontrak
MARIANA BINTI SIDI
Senior General Manager (Finance)
Pengurus Besar Kanan (Kewangan)
4
8
8
FADZILAH BINTI MOHD OTHMAN
Manager, Administration and Human Resource Department
Pengurus, Jabatan Pentadbiran dan Sumber Manusia
teraju committee
j a w a t a n k u a s a
t e r a j u
Johor Land Berhad
2006 annual report
laporan tahunan
19
20
Johor Land Berhad
laporan tahunan 2006 annual report
Dear Shareholders,
On behalf of the Board of
Directors, it is our great
pleasure to present the
Annual R eport and
Financial St atements of
Johor Land Berhad (J Land)
for the financial year ended
31 December 2006
(F Y 2006).
Para Pemegang Saham,
Bag i pihak Lembaga Pengarah,
k ami dengan suk acit anya
membent angk an Laporan
Tahunan dan P enyat a
K ewangan Johor Land Berhad
(J Land) bag i t ahun kewangan
berakhir 31 Disember 2006
(TK 2006).
statement to
shareholders
penyata kepada para
pemegang saham
Johor Land Berhad
2006 annual report
laporan tahunan
21
Amidst this slew of unwelcome news, JLand continued to demonstrate its
resilience, thanks largely to proactive and innovative strategies put in place.
In a year that saw a general easing of the Johor property market, JLand has
endeavoured to ride out the cyclical downturn with a multi-pronged strategy.
98
99
00
74.7
72.4
62.4
88.8
97
40.0
45.9
51.9
The year under review was a challenging one for JLand. Reflecting the
nationwide trend, the property market in Johor was less robust in 2006
compared with the previous year. Intense competition with the entry of new
players and property overhang in certain areas proved formidable challenges.
Mother nature also dealt a heavy hand, inundating parts of Johor with
the proverbial 100-year floods towards the end of the year. We wish to
point out, however, that the floods had no major direct impact on Johor’s
property market. All of JLand’s current property development projects
remained unscathed, although our hearts go out to the many thousands
affected by the floods.
38.3
BUSINESS OVERVIEW
108.4
111.3
statement to shareholders
01
02
03
04
05
06
Group Revenue
RM million
Perolehan Kumpulan
RM juta
We focus to adopt the right property mix and competitive pricing in all our projects.
Our sales promotion teams continue to participate aggressively in marketing and
promotional activities. JLand also continue to pursue intensifying research to gain
better understanding of the market needs. This will also ensure that we meet not only
property needs but also achieve customer satisfaction and prevent mismatch of
supply and demand.
FINANCIAL PERFORMANCE
In 2006, the growth in the Malaysian economy strengthened to 5.9% compared with
5.2% recorded in 2005. Based on the report on Malaysian Economy 2006 by Bank
Negara, the construction sector registered a contraction of 0.5% in 2006 compared
with 1.6% in 2005. However, activities in the residential sub-sector moderated amidst
rising costs of building materials and transportation. In Johor, the year also witnessed
a general slowdown in the primary housing market with a fewer number of new units
launched and a moderation in sales performance.
Having anticipated and factored in the general slowdown in the property market, the
Group’s financial performance for the period ended 31 December 2006 has largely
met expectations. For the year, revenue dipped by 15.9% to RM74.66 million from
RM88.78 million achieved previously, due largely to a reduction in property sales.
Accordingly, profit before tax decreased marginally to RM22.10 million compared to
RM22.26 million posted in 2005. Notwithstanding reduced sales, property
development remained by far the biggest contributor to Group turnover with ongoing
projects in Taman Bukit Dahlia and Taman Bukit Tiram providing a steady stream of
recurring revenue.
The quality of JLand’s balance sheet remains fundamentally strong. Among key
financial performance indicators, net tangible assets grew to RM639.96 million in
2006, against RM631.98 million recorded the previous year. Basic earnings per share
also increased to RM14.66, up 7.24% from RM13.67 a year ago.
DIVIDENDS
JLand’s rise to prominence as the leading property company in the south is due in
large part to the support and loyalty of shareholders. As a show of appreciation, the
Board of Directors is pleased to recommend a final dividend of 3% gross (less
Malaysian income tax at 27%) in respect of the financial year ended 31 December
2006, subject to the approval of shareholders at the forthcoming Annual General
Meeting, in addition to the 4% interim dividend for the same year which was paid
on 21 December 2006.
22
Johor Land Berhad
laporan tahunan 2006 annual report
penyata kepada para pemegang saham
TINJAUAN PERNIAGAAN
Tahun di bawah kajian merupakan satu tahun yang mencabar bagi JLand. Seperti arah aliran pasaran hartanah seluruh negara, pasaran
hartanah di Johor menunjukkan prestasi yang kurang memberangsangkan pada tahun 2006 berbanding pada tahun sebelumnya.
Persaingan hebat berikutan kemasukan syarikat-syarikat baru ke dalam pasaran dan lebihan bekalan hartanah di beberapa kawasan nyata
memberi cabaran yang besar. Bencana alam juga merupakan dugaan yang mencabar apabila Johor dilanda banjir terburuk dalam tempoh
100 tahun menjelang penghujung tahun. Walau bagaimanapun, kami ingin memaklumkan bahawa banjir tersebut tidak memberikan kesan
yang besar kepada pasaran hartanah Johor. Walaupun semua projek pembangunan hartanah semasa JLand tidak terjejas, namun kami
bersimpati dengan nasib beribu-ribu mangsa yang ditimpa bencana tersebut.
Sungguhpun berhadapan dengan bencana yang tidak diduga ini, JLand terus memperlihatkan keteguhannya, sebahagian besarnya hasil
daripada strategi proaktif dan inovatif yang telah diatur. Dalam tempoh satu tahun yang menyaksikan kelembapan pasaran hartanah di
Johor, JLand telah berusaha gigih mengatasi kemerosotan untuk keluar daripada kitaran menurun tersebut dengan merangka pelbagai
strategi. Kami memberi tumpuan untuk menyediakan hartanah bercampur yang tepat dan menawarkan harga yang kompetitif untuk semua
projek kami. Pasukan promosi jualan kami meneruskan penglibatan secara agresif dalam aktiviti-aktiviti pemasaran dan promosi yang
dijalankan. JLand juga terus melaksanakan penyelidikan terperinci untuk mendapatkan pemahaman yang lebih tepat tentang keperluan
pasaran. Langkah ini bukan sahaja memastikan kami memenuhi keperluan hartanah tetapi juga mencapai kepuasan pelanggan dan
mengelakkan ketidakseimbangan antara penawaran dan permintaan.
PRESTASI KEWANGAN
Pada tahun 2006, perkembangan ekonomi Malaysia mencatat pertumbuhan sebanyak 5.9% berbanding 5.2% yang dicatatkan pada tahun
2005. Berdasarkan laporan Ekonomi Malaysia 2006 oleh Bank Negara, sektor pembinaan mencatatkan penguncupan sebanyak 0.5% pada
tahun 2006 berbanding 1.6% pada tahun 2005. Walau bagaimanapun, aktiviti-aktiviti sub-sektor kediaman mencatat pertumbuhan
sederhana walaupun berhadapan dengan kenaikan kos bahan binaan dan pengangkutan. Di Johor, pada tahun di bawah kajian juga
menyaksikan kelembapan dalam pasaran perumahan utama dengan pengurangan bilangan unit-unit baru yang dilancarkan dan mencatat
prestasi jualan yang sederhana.
Setelah mengambilkira kelembapan di pasaran hartanah, prestasi kewangan Kumpulan bagi tempoh berakhir 31 Disember 2006 telah
berjaya memenuhi jangkaan. Pada tahun di bawah kajian, perolehan menurun sebanyak 15.9% kepada RM74.66 juta daripada RM88.78
juta yang dicapai sebelumnya, sebahagian besarnya akibat pengurangan jualan hartanah. Sehubungan itu, keuntungan sebelum cukai
mencatat penurunan kecil kepada RM22.10 juta berbanding RM22.26 juta yang diperolehi pada tahun 2005. Walaupun jualan
berkurangan, pembangunan hartanah kekal sebagai penyumbang terbesar kepada perolehan Kumpulan di mana beberapa projek-projek
yang sedang dijalankan di Taman Bukit Dahlia dan Taman Bukit Tiram berupaya menyediakan aliran perolehan yang mantap.
Pada dasarnya, kualiti lembaran imbangan JLand kekal kukuh. Antara petunjuk prestasi kewangan yang penting adalah peningkatan aset
ketara bersih kepada RM639.96 juta pada tahun 2006, berbanding RM631.98 juta yang dicatatkan pada tahun sebelumnya. Pendapatan
asas sesaham juga meningkat kepada RM14.66, sebanyak 7.24% berbanding RM13.67 setahun yang lalu.
DIVIDEN
Kebangkitan JLand sebagai peneraju syarikat hartanah yang terkemuka di selatan sebahagian besarnya adalah disebabkan oleh sokongan
dan kesetiaan padu yang ditunjukkan oleh para pemegang saham. Sebagai penghargaan, Lembaga Pengarah dengan berbesar hati
mencadangkan dividen akhir sebanyak 3% kasar (ditolak 27% cukai pendapatan Malaysia) bagi tahun kewangan berakhir 31 Disember
2006, tertakluk kepada kelulusan para pemegang saham di Mesyuarat Agung Tahunan yang akan datang, sebagai tambahan kepada dividen
interim sebanyak 4% bagi tahun yang sama dibayar pada 21 Disember 2006.
Johor Land Berhad
2006 annual report
laporan tahunan
23
statement to shareholders
CORPORATE DEVELOPMENTS
During the year under review, on 28 December 2006 JLand entered into a Development Agreement with Johor Corporation to acquire
Nusa Mutiara Complex with land area of 24.70 acres and 2 vacant freehold land with total area of 15.59 acres located adjacent to Bandar
Dato’ Onn. JLand will pay JCorp a total cash consideration of RM33.0 million for the rights to develop the three parcels, the largest of
which will include the Nusa Mutiara Complex. The future development of these lands are expected to provide JLand with an added income
stream while Nusa Mutiara Complex is expected to provide synergistic benefits and complement the development of Bandar Dato’ Onn.
The decision to go ahead with this project will be subject to the approval of shareholders at the upcoming Extraordinary General Meeting.
OPERATIONAL HIGHLIGHTS
22.1
22.3
18.6
9.6
9.2
3.2
10.1
17.4
26.1
36.2
CORE BUSINESS – PROPERTY DEVELOPMENT
In our core property development business, what distinguishes us from the competition stems from a basic tenet of our operating
philosophy. We go the extra mile for our customers. Thus, whereas many others build houses, we build homes. Now that others are
emulating us in building communities, we go one step further by enriching lives.
97
98
99
00
01
02
03
04
05
06
Group Profit Before Taxation
RM million
Keuntungan Sebelum Cukai Kumpulan
RM juta
Starting out with unbeatable prime locations, we proceed to build attractive, lively and thriving neighbourhoods. Architecturally distinctive
and designed with a theme concept, our properties are well known for their quality finishes. Tasteful landscaping exploiting to the fullest
natural contours of the environment creates the right ambience and conditions for conducive living. As the final touch, we provide an
array of amenities such as mosques, playgrounds, schools, sports and other recreational facilities. All these come together seamlessly
towards building a sense of community, and ultimately enrich the lives of our many customers who call a JLand property home.
PASIR GUDANG DIVISION
Taman Bukit Dahlia
Located on a 417-acre parcel of land, Taman Bukit Dahlia is strategically located between Masai and Pasir Gudang, one of Johor’s growth
corridors. When completed by the end of 2009, the mixed development project will consist of 4,200 units of terraced and semi-detached
houses, bungalows and commercial complexes. Taman Bukit Dahlia is in the vicinity of a multitude of amenities that include the scenic
Tasik Perdana, schools, polytechnic, police station, hospitals, banks, hypermarkets, racing tracks, sports stadium and Bukit Layang-Layang,
the venue for the Annual International Kite Festival. All these amenities will no doubt add value and quality to the lives of the residents
of this prime development.
In March 2006, Certificates of Fitness (CFO) were issued for 126 units of double storey Pristine Dahlia (Phase 1) terraced houses, 120
units of double storey Serene Dahlia (Phase 1) terraced houses and 60 units of double storey Perdana Dahlia (Phase 1) semi-detached
houses. Given the softening market conditions, the take-up rate for these properties particularly the semi-detached units, has been very
impressive. To date, only five Perdana Dahlia units have remained unsold.
24
Johor Land Berhad
laporan tahunan 2006 annual report
penyata kepada para pemegang saham
PERKEMBANGAN KORPORAT
Pada tahun di bawah kajian, 28 Disember 2006, JLand telah
menandat angani Perjanjian Pembangunan dengan Johor
Corporation untuk mengambilalih Kompleks Nusa Mutiara dengan
keluasan 24.70 ekar dan 2 bidang tanah kosong berpegangan
bebas dengan keluasan 15.59 ekar yang terletak bersebelahan
dengan Bandar Dato’ Onn. JLand akan membuat pembayaran tunai
berjumlah RM33.0 juta kepada JCorp berhubung kebenaran untuk
membangunkan tiga bidang tanah di mana pembangunan terbesar
akan meliputi Kompleks Nusa Mutiara. Pembangunan tanah-tanah
ini pada masa depan dijangka memberikan aliran pendapatan
tambahan kepada JLand sementara Kompleks Nusa Mutiara
dijangka memberikan manfaat sinergi dan pelengkap kepada
pembangunan Bandar Dato’ Onn. Keputusan untuk meneruskan
projek ini tertakluk kepada kelulusan para pemegang saham pada
Mesyuarat Agung Luar Biasa akan datang.
TINJAUAN OPERASI
BISNES TERAS - PEMBANGUNAN HARTANAH
Dalam bisnes teras pembangunan hartanah kami, apa yang
membezakan kami dengan para pesaing adalah prinsip asas
falsafah operasi kami. Kami menyediakan perkhidmatan melebihi
jangkaan pelanggan. Para pesaing kami mendirikan rumah, tetapi
kami membina kediaman. Kini, mereka mencontohi kami dalam
membina komuniti tetapi kami telah melangkah lebih jauh dengan
memperkayakan kehidupan.
Bermula dengan lokasi bertaraf perdana yang tiada tandingnya,
kami terus gigih membina kawasan perjiranan yang menarik, segar
dan berkembang maju. Senibina tersendiri dan direkabentuk
dengan konsep bertema, hart anah k ami dikenali kerana
kemasannya yang berkualiti. Seni taman yang indah disesuaikan
dengan kontor semulajadi sepenuhnya mewujudkan suasana
damai, sesuai untuk kehidupan yang menceriak an. Bag i
melengkapkan kehidupan di sini, kami menyediakan beberapa
kemudahan seperti masjid-masjid, taman-taman permainan,
sekolah-sekolah, kemudahan sukan dan rekreasi. Semuanya ini
digabungkan dengan sempurna untuk membina sebuah komuniti
yang unggul dan akhirnya menyumbang ke arah memperkayakan
kehidupan para pelanggan kami yang menamakan hartanah JLand
sebagai kediaman mereka.
BAHAGIAN PASIR GUDANG
Taman Bukit Dahlia
Dibina di atas tanah seluas 417 ekar, Taman Bukit Dahlia terletak
di lokasi strategik antara Masai dan Pasir Gudang, salah sebuah
koridor pertumbuhan Johor. Apabila siap pada penghujung tahun
2009, projek pembangunan bercampur ini akan mengandungi
4,200 unit rumah teres dan berkembar, banglo serta kompleks
komersil. Taman Bukit Dahlia terletak di persekitaran yang
dilengkapi dengan pelbagai kemudahan yang merangkumi Tasik
Perdana yang berpemandangan indah, sekolah-sekolah, politeknik,
balai polis, hospital, bank, pasaraya besar, litar perlumbaan,
stadium sukan dan Bukit Layang-Layang, iaitu lokasi tapak Festival
Layang-layang Antarabangsa Tahunan. Semua kemudahan ini pasti
menambah nilai dan kualiti kehidupan penduduk di kawasan
pembangunan bertaraf perdana ini.
Pada bulan Mac 2006, Sijil Kelayakan Menduduki (CFO) telah
dikeluarkan untuk 126 unit rumah teres dua tingkat Pristine Dahlia
(Fasa 1), 120 unit rumah teres dua tingkat Serene Dahlia (Fasa 1)
dan 60 unit rumah berkembar dua tingkat Perdana Dahlia (Fasa 1).
Walaupun pasaran lembab, kadar pembelian hartanah ini
terutamanya rumah berkembar amat menggalakkan. Sehingga kini,
hanya lima unit Perdana Dahlia yang masih belum terjual.
BAHAGIAN TIRAM
Taman Bukit Tiram
Syarikat subsidiari milik penuh kami, Advance Development Sdn.
Bhd., kini sedang membangunkan Taman Bukit Tiram (Fasa 3),
sebuah pembangunan bercampur yang mengandungi 511 unit
hartanah, dibangunkan di atas tanah seluas 48 ekar. Dengan
memanfaatkan reputasi hartanah JLand yang cemerlang, Taman
Bukit Tiram kini semakin menjadi pilihan utama di kalangan
pembeli. Di bawah Fasa 2, sejumlah 51 unit rumah teres dua
tingkat Lily telah mendapat sambutan yang sangat baik.
Di bawah Fasa 3, kami telah menyiapkan sebanyak 195 unit rumah
teres dua tingkat Tulip dan 18 unit rumah teres dua tingkat
Lavender yang dilancarkan pada bulan September 2005. Seperti
kebiasaannya, jualan rumah-rumah tersebut dijangk a
memberangsangkan apabila unit-unit rumah tersebut hampir siap.
Johor Land Berhad
2006 annual report
laporan tahunan
25
statement to shareholders
TIRAM DIVISION
Taman Bukit Tiram
Our wholly-owned subsidiary, Advance Development Sdn. Bhd., is
currently developing Taman Bukit Tiram (Phase 3), a mixed
development consisting of 511 units of properties spread over 48
acres. Bearing all the hallmarks of a JLand property, Taman Bukit
Tiram is rapidly becoming an address of choice among discerning
buyers. Under Phase 2, 51 units of double storey Lily terraced
houses were very well received.
Under Phase 3, we have completed 195 units of double storey
Tulip terraced houses and 18 units of double storey Lavender
terraced houses that were launched in September 2005. As is the
norm, sales of these houses are expected to pick up when they
are closer to full completion.
of 19 exclusive neighbourhoods have been planned amidst lush
green surroundings and replete with an array of recreational
facilities. Serving the township is a regional commercial hub and
nerve centre covering 118 acres.
The first phase development will consist of 652 double storey
terraced and semi-detached houses with a GDV estimated at RM170
million. Some 181 units of double storey terraced houses with an
estimated worth of RM40 million were offered for sale from 16
February 2007. Buyers have a choice of four types, with different
built-up areas and land sizes. As a preview of things to come, the
show houses have been completed and opened for public viewing.
One of the most distinctive features of the township is the emphasis
on green areas, with linear and recreational parks planned
throughout. The renowned landscape designer Made Wijaya has
been engaged to transform Bandar Dato’ Onn into a garden city.
Bandar Tiram
JLand’s other ongoing project in Ulu Tiram is Bandar Tiram, planned
as a self-contained township on 1,200 acres of what was previously
estate land. The master plan envisages a development of 12,300
units of residential and shop units clustered around a town-cumshopping centre. The entire project has a gross development value
(GDV) of RM2.60 billion and a projected gross profit of RM800
million. This mammoth undertaking is being developed in stages,
with final completion earmarked for the year 2020.
Befitting a premier development, Bandar Dato’ Onn will have a
myriad of amenities second to none. To this end, JLand has fully
financed the construction of a RM25 million interchange dedicated
to the township. Now opened for public use, residents have direct
access to the North-South Expressway travelling to Johor Bahru or
north to Kuala Lumpur without going through the congestion of
local roads.
The first phase of Bandar Tiram will see the development of 1,574
residential and commercial units and generate a GDV of RM200
million. It is expected to kick off in the fourth quarter of 2007 with
the launch of 693 units of single storey terraced houses priced
from RM138,000 upwards.
Particularly with the proposed acquisition of the Nusa Mutiara
Complex, JLand will be in a position to provide top notch
recreational facilities with Olympic standard swimming pool and
other facilities for the immediate use of future residents of Bandar
Dato’ Onn. The other two parcels of vacant land could be
developed into residential and commercial properties, further
boosting property sales in Bandar Dato’ Onn.
TEBRAU DIVISION
Bandar Dato’ Onn
Bandar Dato’ Onn is set to be the premier address in Johor Bahru,
where the growing demand for prime properties in choice
locations has remained strong. Planned for development over the
next 10 to 15 years on 1,474 acres of freehold land, the new
township is only 12 km away from the Johor Bahru City Centre. It
is expected to generate gross sales and a gross profit of RM4.0
billion and RM1.20 billion respectively. In line with JLand’s
philosophy of building communities and enriching lives, the
township will be built based on a neighbourhood concept. A total
Other Projects
Undeniably, JLand’s strength as a property developer lies in its
mega housing projects. However, we have also tested the market
for other properties with projects such as the Teratai and Taman
Selasih apartments and a retail bazaar complex, all of which were
completely sold out. In responding to market demand for
affordable housing, we will be launching towards the end of 2007,
some 320 units of medium cost apartments at Taman Seroja
located just 8 km away from Johor Bahru.
26
Johor Land Berhad
laporan tahunan 2006 annual report
14.7
13.7
14.95
6.9
1.2
5.6
10.3
11.5
19.1
26.3
penyata kepada para pemegang saham
97
98
99
00
01
02
03
04
05
06
Group Basic Earning Per Share
sen
Pendapatan Asas Sesaham Kumpulan
sen
Bandar Tiram
Projek lain yang sedang dijalankan oleh JLand di Ulu Tiram adalah
Bandar Tiram, ianya dirancang sebagai perbandaran lengkap di atas
tanah seluas 1,200 ekar yang dahulunya merupakan tanah ladang.
Pelan induknya mensasarkan pembangunan 12,300 unit kediaman
dan kedai dirangkumkan dalam bandar – merangkap pusat membeli
belah. Keseluruhan projek mempunyai nilai pembangunan kasar
(GDV) berjumlah RM2.6 bilion dan keuntungan kasar yang
diramalkan berjumlah RM800 juta. Pelaksanaan projek besar ini
dilakukan secara berperingkat, dengan penyiapan akhir menjelang
tahun 2020.
Fasa pertama Bandar Tiram melibatkan pembangunan sebanyak
1,574 unit kediaman dan komersil serta menjana GDV berjumlah
RM200 juta. Ia dijangka akan dimulakan pada suku keempat tahun
2007 dengan pelancaran 693 unit rumah teres satu tingkat dengan
harga daripada RM138,000 ke atas.
BAHAGIAN TEBRAU
Bandar Dato’ Onn
Bandar Dato’ Onn dijangka akan menjadi lokasi bertaraf perdana
di Johor Bahru, di mana permintaan yang semakin meningkat
terhadap hartanah utama di lokasi pilihan kekal kukuh. Dirancang
untuk dibangunkan dalam tempoh 10 hingga 15 tahun di atas
tanah berpegangan bebas seluas 1,474 ekar, perbandaran baru ini
terletak hanya 12 km sahaja dari Bandaraya Johor Bahru. Ia
dijangka akan menjana RM4.0 bilion jualan kasar dan RM1.2 juta
keuntungan kasar. Selari dengan falsafah JLand untuk membina
komuniti dan memperkayakan kehidupan, perbandaran tersebut
akan dibina berdasarkan konsep perjiranan. Sejumlah 19
perjiranan eksklusif telah dirancang di persekitaran hijau yang
subur dan dilengkapkan dengan pelbagai kemudahan rekreasi.
Sebuah hub komersil wilayah dan nadi pertumbuhan seluas 118
ekar akan menyediakan kemudahan kepada perbandaran ini.
Fasa pertama pembangunan merangkumi 652 unit rumah teres dua
tingkat dan rumah berkembar dengan jangkaan GDV berjumlah
RM170 juta. Sebanyak 181 unit rumah teres dua tingkat bernilai
lebih kurang RM40 juta telah ditawarkan untuk jualan bermula 16
Februari 2007. Pembeli mempunyai pilihan empat jenis rumah,
dengan keluasan binaan dan saiz tanah yang berbeza. Sebagai
rujukan awal terhadap corak kehidupan yang bakal dibangunkan
pada masa depan kepada bakal pembeli, rumah-rumah contoh telah
disiapkan dan dibuka untuk dilihat oleh orang ramai. Salah satu ciri
yang sangat berbeza di perbandaran ini adalah penekanan yang
diberikan terhadap kawasan hijau, dengan taman-taman linear dan
rekreasi yang dirancang di seluruh kawasan perbandaran. Pereka
seni taman terkenal, Made Wijaya telah ditugaskan untuk menukar
Bandar Dato’ Onn menjadi sebuah bandar dalam taman.
Bersesuaian dengan statusnya sebagai pembangunan bertaraf
perdana, Bandar Dato’ Onn ak an mengandung i pelbagai
kemudahan yang sukar ditandingi. Sehingga kini, JLand telah
membiayai sepenuhnya pembinaan sebuah persimpangan
bertingkat dengan kos berjumlah RM25 juta yang disediakan
khusus untuk perbandaran tersebut. Kini ia telah dibuka untuk
kegunaan awam bagi memudahkan akses kepada penduduk untuk
terus ke Lebuhraya Utara-Selatan, sama ada untuk menuju ke Johor
Bahru atau Kuala Lumpur di sebelah utara tanpa melalui kesesakan
jalan-jalan biasa.
Cadangan pengambilalihan Kompleks Nusa Mutiara khususnya, akan
membolehkan JLand menyediakan kemudahan rekreasi bertaraf
unggul kerana ia meliputi sebuah kolam renang bertaraf Olimpik dan
pelbagai kemudahan lain bagi kegunaan penduduk Bandar Dato’
Onn di masa hadapan. Dua bidang tanah kosong lain akan turut
dibangunkan menjadi hartanah kediaman dan komersil bagi
melonjakkan lagi jualan hartanah di Bandar Dato’ Onn.
Projek-Projek Lain
Tidak dinafikan, kekuatan JLand sebagai pemaju hartanah terletak
pada kemampuannya melaksanakan projek perumahan bertaraf
mega. Walau bagaimanapun, kami juga telah mencuba pasaran ini
dengan hartanah lain melalui projek-projek seperti pangsapuri
Teratai dan Taman Selasih serta kompleks bazar runcit, yang
kesemuanya telah habis dijual. Sebagai tindak balas terhadap
permintaan pasaran untuk rumah mampu milik, pada penghujung
tahun 2007, kami akan melancarkan sebanyak 320 unit pangsapuri
kos sederhana di Taman Seroja yang terletak hanya 8 km dari
Johor Bahru.
Pada t ahun yang ditinjau, J Land memperolehi sejumlah
RM655,269 daripada pendapatan sewa untuk unit-unit rumah
pangsa yang dimilikinya di Taman Cendana dan Taman Kenanga
serta unit-unit kedai pejabat di Taman Mawar, Cenderawasih,
Tebrau Business Park dan Senai Commercial Park.
Johor Land Berhad
2006 annual report
laporan tahunan
27
statement to shareholders
For the year in review, JLand derived a total of RM655,269 in
rental income from flats it owns in Taman Cendana and Taman
Kenanga and shop offices at Taman Mawar, Cenderawasih, Tebrau
Business Park and Senai Commercial Park.
OTHER BUSINESSES
JLand holds a 30.7% stake in Revertex (Malaysia) Sdn. Bhd., one
of the world’s largest producers of speciality natural rubber latex
concentrates and industrial chemicals. For 2006, both revenue and
profit before tax derived from the company’s operations improved
to RM470.20 million and RM38.37 million respectively.
We are also in the business of manufacturing metal door and
window frames through our subsidiary, Johor Land Manufacturing
Sdn. Bhd.
DEVELOPING OUR HUMAN CAPITAL
We depend on the knowledge, skills, expertise and experience of
our human capital to achieve even more. At the same time,
employees expect to be developed by employers and given the
opportunity to rise to their fullest potential. This meeting of
corporate and individual goals is a challenge that JLand takes very
seriously and we have achieved this over the years through the
creation of a dynamic corporate climate that releases people’s
energies, through inculcating a robust intrapreneurial spirit among
top managers and executives, as well as through continuous, lifelong training effort.
In 2006, JLand invested RM241,500 on manpower training, a
figure that represents 5.11% of total emoluments. We take pride
in the fact that every employee received an average of 24 training
hours during the year. Our training programmes are tailored
towards the development of the employees’ hard and soft skills.
Hard skills revolve around the operational and technical knowledge
required to perform a job competently. On the other hand, soft
skills address aspects of how individuals relate to others. Refresher
courses, especially those pertaining to building specifications, were
included in the training calendar to keep staff abreast of the latest
developments in the industry.
As a Group built on results, we reward high-achievers. While we
set minimum entry requirements for the various levels, staff,
especially those at the managerial group, are encouraged to
pursue higher academic qualifications. Nonetheless, for
outstanding performers who lack the paper qualifications, there are
still opportunities for them to ascend the career ladder.
Training is but one aspect of developing our human capital. Sports
and recreation activities have become regular fixtures on our
calendar of events. Away from the pressures of work, social events
like these infuse a spirit of teamwork and camaraderie.
28
Johor Land Berhad
laporan tahunan 2006 annual report
penyata kepada para pemegang saham
BISNES-BISNES LAIN
JLand memiliki 30.7% kepentingan dalam Revertex (Malaysia) Sdn. Bhd., salah
sebuah pengeluar pati susu getah asli dan bahan kimia industri terbesar di dunia.
Bagi tahun 2006, perolehan daripada operasi syarikat tersebut meningkat kepada
RM470.20 juta, manakala keuntungan sebelum cukainya pula meningkat kepada
RM38.37 juta.
Kami juga menjalankan perniagaan pengeluaran kerangka pintu dan tingkap besi
melalui syarikat subsidiari kami, Johor Land Manufacturing Sdn. Bhd.
PEMBANGUNAN TENAGA INSAN
Kami bergantung kepada tahap pengetahuan, kemahiran, kepakaran dan
pengalaman modal insan kami untuk mencapai matlamat yang lebih tinggi. Pada
masa yang sama, anggota pekerja berharap untuk dibangunkan oleh majikan dan
diberikan peluang bagi meningkatkan potensi mereka ke peringkat yang lebih baik.
Pertembungan antara matlamat korporat dan individu merupakan cabaran yang
diambil secara serius oleh JLand dan kami telah mencapai matlamat ini sepanjang
beberapa tahun dengan mewujudkan suasana korporat dinamik yang mampu
menjana keupayaan tenaga insan. Ini dicapai melalui pemupukan semangat
keusahawanan yang mantap di kalangan pengurus atasan dan eksekutif serta melalui
latihan berterusan sepanjang tempoh kerjaya anggota pekerja.
Pada tahun 2006, JLand telah melaburkan sejumlah RM241,500 untuk latihan
sumber manusia iaitu 5.11% daripada jumlah keseluruhan gaji. Kami berbangga
kerana setiap anggota pekerja kami secara purata telah menerima sebanyak 24 jam
latihan sepanjang tahun ini. Program latihan kami direka khusus ke arah
pembangunan kemahiran pekerjaan dan kemahiran diri anggota pekerja. Kemahiran
pekerjaan melibatkan pengetahuan operasi dan teknikal yang diperlukan untuk
melaksanakan tugasan dengan cekap. Kemahiran diri pula mementingkan aspek
bagaimana seseorang individu berhubung-kait dengan individu yang lain. Kursuskursus peningkatan kefahaman terutamanya yang berkaitan dengan spesifikasi
bangunan, dimasukkan ke dalam kalendar latihan untuk memaklumkan anggota
pekerja berhubung perkembangan terkini dalam industri.
Sebagai sebuah Kumpulan yang dibina berasaskan kepada penghasilan prestasi,
anggota pekerja yang menghasilkan kualiti kerja cemerlang akan diberi penghargaan.
Di samping menetapkan keperluan kemasukan minimum bagi pelbagai peringkat
jawatan, anggota pekerja terutamanya di peringkat pengurusan, digalakkan agar
meningkatkan kelayakan akademik ke peringkat yang lebih tinggi. Pada masa yang
sama, anggota pekerja yang cemerlang tetapi kurang kelayakan akademik, mereka
tetap disediakan peluang untuk meningkatkan tahap kerjaya masing-masing.
Latihan merupakan salah satu aspek yang dapat
membangunkan modal insan. Namun, aktiviti
sukan dan rekreasi juga merupakan aktiviti yang
turut dirangka dalam kalendar acara kami.
Bertujuan untuk meredakan tekanan kerja, acaraacara sosial seperti ini berupaya menyemai
semangat kerja berpasukan dan saling membantu
antara satu sama lain.
Johor Land Berhad
2006 annual report
laporan tahunan
29
statement to shareholders
IN PURSUIT OF QUALITY EXCELLENCE
J Land’s pursuit of quality excellence and
integrating quality into its corporate culture is
manifested in many forms. One means at our
disposal has been reg istration to the
internationally recognized ISO quality system.
This has been supplemented by various other
quality improvement initiatives such as the
Innovative Creative Circle (ICC) and Employees’
Suggestion Scheme (ESS).
The ICC and ESS serve as important platforms
for empowering our employees and the great
majority enthusiastically participates in
generating new ideas and suggestions. The
most compelling suggestions are reviewed by
TE R A J U Committee est ablished at Johor
Corporation (JCorp), the ultimate holding
corporation for Group-wide benchmarking and
possible implementation.
Our ICC teams have gone on to prove themselves on so many occasions at the Groupwide and national levels. For the seventh consecutive year, JLand floored the
competition at JCorp’s annual Group-wide Quality Convention, retaining the coveted
‘Anugerah Mekar’ trophy as overall champion. Our top teams then moved on to reprise
their success, clinching Three Gold Star Awards at the 2006 National ICC Convention.
JLand’s pursuit of quality excellence has been extended to cover the performance of
third party contractors and suppliers. Stringent evaluations are carried out internally to
ensure that the contractors and consultants are up to par. In addition, all our
contractors must be registered with the Construction Industry Development Board
(CIDB) and their personnel issued with the CIDB Green Card.
SHARING OUR SUCCESS
Even as JLand has grown and prospered, we have always taken care to ensure that
our success is inclusive. From early days, we have put in place a corporate social
responsibility (CSR) programme sharing our success with the needy and supporting
many charitable organisations and worthy causes.
In 2006, JLand expended close to RM0.5 million in its CSR programme, which included
a sizeable donation to various orphanages. We also contributed towards various causes
such as ‘Tijarah Ramadhan’ and the Pasir Gudang Community Charity Fund, which in
turn, has used the money to help the poor and needy. To ease the plight of the flood
victims, we also lent our support to the Flood Relief Fund under the banner of JCorp.
As in previous years, we were one of the main sponsors for the International Kite
Festival, an annual event that has become one of Johor’s landmark tourist attractions.
The lasting testimony of our CSR efforts must certainly be ‘Tunas Bistari’, an
Entrepreneurs Development Programme organised by JCorp in collaboration with the
Education Department of Johor. Launched in 1992 and opened to secondary school
students throughout Johor, the programme’s objective is to nurture an entrepreneurial
spirit among students by providing them an opportunity to gain first-hand experience
in the real business world. Over the years, 11,148 students from 143 schools have
benefited from the programme.
LOOKING AHEAD – THE ISKANDAR DEVELOPMENT REGION
For the coming FY 2007, the Malaysian economy is expected to sustain economic
growth at a slightly higher pace of 6%, underpinned by an expansion of private sector
activities. Analysts remain neutral about the state of the property market in Johor.
However, we are optimistic that the abolishment of the real property gains tax and
relaxation of the ruling on property purchases by foreigners will inject greater interest
in the property sector. Demand would also be sustained by the attractive credit terms
offered by banks, growing number and affluence of young working population, and
increasing urban migration.
One of the most important initiatives outlined in the Ninth Malaysia Plan (9MP) that
has a bearing on JLand’s operations is the identification of the Iskandar Development
Region (IDR) as the focus area for development in the southern region. Major
development projects identified under the IDR master plan are expected to transform
South Johor into a mega-hub. The IDR area covers JLand’s three major land banks
located at Pasir Gudang, Ulu Tiram and Johor Bahru. When the infrastructural projects
in the IDR take off as planned, they will no doubt have a positive impact on our
properties, strengthened by the flow of investments from across the causeway.
30
Johor Land Berhad
laporan tahunan 2006 annual report
penyata kepada para pemegang saham
MENCIPTA KECEMERLANGAN KUALITI
Usaha mencipta kecemerlangan dan memasukkan
kualiti ke dalam budaya korporat J Land
dilaksanakan dalam pelbagai bentuk. Salah satu
cara untuk mencapainya direalisasikan melalui
pendaftaran sistem kualiti ISO yang diiktiraf di
peringkat antarabangsa. Usaha ini dilengkapkan
lag i dengan pelbagai inisiatif lain bag i
mempertingkatkan kualiti seperti ‘Innovative
Creative Circle’ (ICC) dan Skim Cadangan Anggota
Pekerja.
I CC dan Skim Cadangan bertindak sebagai
landasan untuk memberi kuasa kepada anggota
pekerja dan sebilangan besar daripada mereka
telah menunjukk an minat untuk mengambil
bahagian dalam menjana idea-idea dan cadangancadangan baru. Cadangan yang bernas akan dikaji
oleh Ahli Jawat ankuasa TE R A J U yang telah
ditubuhkan di Johor Corporation (JCorp), perbadanan induk
muktamad, sebagai pengukur dan kemungkinan pelaksanaan bagi
seluruh Kumpulan.
Kumpulan ICC kami telah membuktikan keupayaan mereka dalam
banyak acara di peingkat Kumpulan dan di peringkat kebangsaan.
Bagi tujuh tahun berturut-turut, JLand telah mengatasi persaingan di
Konvensyen Kualiti yang diadakan setiap tahun di peringkat
Kumpulan dengan mengekalkan piala Anugerah Mekar sebagai Juara
Keseluruhan. Kumpulan ICC kami ini juga telah melonjakkan lagi
pencapaian mereka dengan berjaya meraih Anugerah Emas Tiga
Bintang di Konvensyen ICC Kebangsaan 2006.
Kecemerlangan kualiti yang dicapai oleh JLand juga meliputi
prestasi kontraktor dan pembekal pihak ketiga. Penilaian yang ketat
telah dijalankan secara dalaman untuk memastikan supaya
kontraktor dan konsultan mencapai taraf yang setara. Selain itu,
semua kontraktor diwajibk an berdaft ar dengan Lembaga
Pembangunan Industri Pembinaan Malaysia (CIDB) dan personel
mereka perlu memiliki Kad Hijau CIDB.
BERKONGSI KEJAYAAN
Walaupun JLand telah berkembang dan mencatat pencapaian yang
membanggakan, kami sentiasa memastikan agar kejayaan kami
adalah menyeluruh. Sejak dahulu lagi, kami telah meletakkan
tanggungjawab sosial korporat (CSR) kami sebagai program
perkongsian kejayaan kami dengan menghulur bantuan kepada
mereka yang memerlukan dan memberi sokongan kepada pelbagai
organisasi kebajikan serta badan-badan kebajikan yang lain.
Pada tahun 2006, JLand telah membelanjakan hampir RM0.5 juta
untuk program-program CSR, yang meliputi sejumlah besar derma
kepada beberapa rumah anak-anak yatim. Kami juga menyumbang
untuk pelbagai tujuan kebajikan seperti Tijarah Ramadhan dan
Tabung Kebajikan Masyarakat Pasir Gudang, yang telah
menggunakan wang tersebut untuk membantu orang miskin dan
mereka yang memerlukan. Untuk meringankan beban mangsamangsa banjir, melalui JCorp kami juga telah menyumbang kepada
Tabung Bantuan Banjir. Seperti tahun-tahun lalu, kami merupakan
salah satu penaja utama bagi Festival Layang-layang Antarabangsa,
acara tahunan yang telah menjadi lambang daya tarikan pelancong
bagi negeri Johor.
Tunas Bistari, Program Pembangunan Usahawan yang dianjurkan
JCorp melalui kerjasama dengan Jabatan Pelajaran Johor merupakan
bukti kesinambungan usaha-usaha CSR yang kami laksanakan.
Dilancarkan pada tahun 1992 dan dibuka kepada para pelajar
sekolah menengah seluruh Johor, objektif program ini adalah untuk
memupuk semangat keusahawanan di kalangan para pelajar
dengan menyediakan peluang kepada mereka untuk mendapatkan
pengalaman dalam dunia perniagaan sebenar. Sepanjang beberapa
tahun lepas, seramai 11,148 pelajar daripada 143 sekolah telah
mendapat manfaat daripada program tersebut.
MELANGKAH KE HADAPAN – WILAYAH
PEMBANGUNAN ISKANDAR
Bagi TK 2007 yang akan datang, ekonomi Malaysia dijangka akan
mencatat pertumbuhan pada kadar yang lebih tinggi sedikit
daripada 6%, didorong oleh pengembangan aktiviti sektor swasta.
Para penganalisis mengekalkan pandangan berkecuali terhadap
pasaran hartanah di Johor. Walau bagaimanapun, kami amat
optimis bahawa dengan penghapusan cukai keuntungan hartanah
sebenar dan pengurangan peraturan terhadap pembelian hartanah
oleh orang asing akan menyuntik minat yang lebih besar terhadap
sektor hartanah. Permintaan mampu dikekalkan berikutan syarat
pinjaman menarik yang ditawarkan oleh pihak bank, peningkatan
tahap kemewahan di kalangan penduduk muda dan pertambahan
bilangan penghijrahan ke bandar.
Salah satu inisiatif penting digariskan di bawah Rancangan Malaysia
ke-9 (9MP) yang berkaitan dengan operasi JLand ialah pengenalan
Wilayah Pembangunan Iskandar (WPI) sebagai kawasan yang
diberikan tumpuan untuk pembangunan di kawasan selatan. Projek
pembangunan utama yang dikenalpasti di bawah pelan induk WPI
Johor Land Berhad
2006 annual report
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31
statement to shareholders
The FY 2007 is already shaping up to be a busy and eventful one for JLand, with the launch of residential and commercial properties
valued at around RM200 million. At Pasir Gudang, we are set to launch another 310 units of Serene (Phase 2) and Damai double storey
terraced houses. Moving into the Phase 2 development of Taman Bukit Tiram, 378 units of single storey Daisy terraced houses will be
launched in the second quarter of 2007. We will also kick-off the development of Bandar Tiram with the launch of 693 units of single
storey terraced houses towards the end of 2007. The coming year will also see the launch of double storey terraced and semi-detached
residential units designed for a niche high-end market, under the Phase 1 development of Bandar Dato’ Onn.
Even with all these projects underway, JLand has a substantial land bank in Johor that would keep the Group busy for the next 10 to 15
years. There is significant potential from our land parcels as they were acquired at competitive prices and are strategically located along
the main growth corridors of Johor Bahru and the Iskandar Development Region. When eventually developed, our land reserves have a
potential GDV of over RM7.0 billion. Having firmly established ourselves as one of the largest property developers in Johor, we are ready
to move up the value chain and venture into more lucrative markets.
APPRECIATION
Professionalism, commitment and hard work are bedrock elements of our success all these years and we attribute this to the superb team
under very able leadership that we have on board. Much is expected of our management and staff, and they have never failed to deliver.
JLand also considers itself fortunate in having a great support group comprising our business associates, financiers, consultants, relevant
authorities and various government departments. Our shareholders and customers deserve special mention, for their continued support
and loyalty have built this Company.
Tuan Hj Md Tamyes Bin A Rahim, Tuan Hj Ahamad Bin Mohamad and Puan Azizah Bte Abdul Rahman left the Board during the year.
We are very appreciative of their tremendous contributions and wish them every success in their future undertakings. The three new
appointees to the Board were Tuan Hj Lukman Bin Abu Bakar, Tuan Hj Abdul Malek Bin Talib and Tuan Hj Yusof Bin Rahmat. They bring
with them a wealth of knowledge and experience and JLand will no doubt benefit from their fresh insights.
To all of you, we express our sincere thanks and gratitude.
32
Johor Land Berhad
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penyata kepada para pemegang saham
dijangka berupaya menukarkan Johor Selatan sebagai hab mega. Kawasan WPI meliputi tiga tanah simpanan utama JLand yang terletak di
Pasir Gudang, Ulu Tiram dan Johor Bahru. Apabila projek infrastruktur di WPI dimulakan seperti yang dirancang, ia dijangka akan memberi
kesan positif terhadap hartanah kami, diperkukuhkan lagi dengan aliran pelaburan dari negara jiran.
TK 2007 telah mula menunjukkan tanda-tanda ia merupakan satu tahun yang sibuk dan penuh peristiwa bagi JLand apabila hartanah
kediaman dan komersil bernilai RM200 juta dilancarkan. Di Pasir Gudang, kami akan melancarkan sebanyak 310 unit rumah teres dua
tingkat jenis Serene (Fasa 2) dan Damai. Di Taman Bukit Tiram, pembangunan Fasa 2 yang meliputi 378 unit rumah teres satu tingkat jenis
Daisy akan dilancarkan pada suku kedua tahun 2007. Kami juga akan memulakan pembangunan Bandar Tiram dengan pelancaran sebanyak
693 unit rumah teres satu tingkat menjelang akhir tahun 2007. Pada tahun depan juga akan menyaksikan pelancaran kediaman teres dua
tingkat dan rumah berkembar yang direka khusus untuk pasaran golongan mewah di bawah pembangunan Fasa 1 Bandar Dato’ Onn.
Walaupun semua projek sedang dilaksanakan, JLand masih mempunyai tanah simpanan yang besar di Johor yang akan memenuhi aktiviti
perniagaan Kumpulan untuk tempoh 10 hingga 15 tahun akan datang. Beberapa tanah yang kami miliki mempunyai potensi yang besar
kerana kami memperolehinya dengan harga yang kompetitif dan terletak di lokasi strategik sepanjang koridor pertumbuhan utama Johor
Bahru dan Wilayah Pembangunan Iskandar. Apabila dilaksanakan, tanah simpanan kami berpotensi menghasilkan GDV melebihi RM7.0
bilion. Setelah berjaya menempa nama sebagai salah sebuah pemaju hartanah terbesar di Johor, kini kami telah bersedia untuk beralih ke
dalam rantaian nilai yang lebih tinggi dan memasuki ke dalam pasaran yang lebih menguntungkan.
PENGHARGAAN
Tahap profesionalisma, komitmen dan kegigihan merupakan elemen utama kejayaan kami selama ini dan dengan demikian penghargaan
ini ditujukan kepada barisan lembaga pengarah yang telah menyediakan kepimpinan yang hebat. Kami telah meletakkan harapan yang
tinggi kepada pengurusan dan anggota pekerja dan mereka telah berjaya melaksanakan tanggungjawab yang diberikan dengan sempurna.
JLand juga menghargai kerjasama padu yang diterima daripada pelbagai pihak termasuk rakan-rakan dalam perniagaan, pembiaya,
konsultan, pihak berkuasa berkaitan dan pelbagai jabatan kerajaan. Ucapan penghargaan ini juga ditujukan kepada para pemegang saham
dan pelanggan kami atas sokongan dan kesetiaan berkekalan mereka yang telah membina kemantapan Syarikat ini.
Tuan Hj Md Tamyes Bin A Rahim, Tn Hj Ahamad Bin Mohamad dan Pn Azizah Bte Abdul Rahman telah menamatkan perkhidmatan dalam
Lembaga Pengarah pada tahun ini. Kami amat menghargai sumbangan besar mereka dan mengucapkan selamat maju jaya dalam setiap
bidang yang mereka ceburi pada masa depan. Tiga orang ahli baru telah dilantik ke dalam Lembaga dan mereka terdiri daripada Tn Hj
Lukman Bin Abu Bakar, Tn Hj Abdul Malek Bin Talib dan Tn Hj Yusof Bin Rahmat. Mereka membawa bersama mereka pengetahuan dan
pengalaman yang luas dan ini pasti akan memberi manfaat kepada JLand pada masa depan.
Kepada anda semua, kami ingin menyampaikan
ucapan setinggi-tinggi terima kasih dan penghargaan
setulus hati.
TAN SRI DATO’ MUHAMMAD ALI HASHIM
Chairman/Pengerusi
A.F.M SHAFIQUL HAFIZ
Managing Director/Pengarah Urusan
Johor Land Berhad
2006 annual report
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33
20
d i a r i
2006 corporate diary
corporate
4 Jan/Jan
22 Feb/Feb
16 Mar/Mac
25 Mar/Mac
11 Apr/Apr
14 Apr/Apr
24 May/Mei
17 Jul/Jul
january
march
januari
mac
4 January/Januari
16 March/Mac
Pedoman Meeting was held at Permata JLand contributed a van, costs RM90,000 to
14 April/April
Asia Pacific Real Estate Exhibition organised
by FIABCI at Sun Tec Singapore.
Pameran Perumahan Asia Pacific dikendalikan
oleh FIABCI di Sun Tec Singapura.
Ballroom, The Puteri Pacific Hotel, 80000 Darul Hanan, an orphanage home in Pasir
Johor Bahru.
Gudang.
Majlis Pedoman diadakan di Dewan Permata, JLand menyumbang sebuah van berharga
Hotel Puteri Pacific, 80000 Johor Bahru.
RM90,000 kepada Darul Hanan, rumah m e i
anak-anak yatim di Pasir Gudang.
february
25 March/Mac
februari
Bandar Dato’ Onn Merdeka Carnival Prize
22 February/Februari
Giving Ceremony.
Tunas Bistari 2006. J Land contributed Bandar Dato’ Onn.
RM150,000 to the program.
Orient asi Tunas Bist ari 2006. J Land
menyumbang sejumlah RM150,000 untuk
program berkenaan.
24 May/Mei
The 31st Annual General Meeting and
Official Launching & Orientation Program of Majlis Penyampaian Hadiah Karnival Merdeka
Majlis Pelancaran & Perasmian Program
may
Extraordinary General Meeting of JLand was
held at Delima Room, The Puteri Pacific
Hotel, 80000 Johor Bahru.
Mesyuarat Agung Tahunan kali ke 31 dan
Mesyuarat Agung Luarbiasa JLand diadakan
di Bilik Delima, Hotel Puteri Pacific, 80000
april
april
11 April/April
Johor Bahru.
july
JLand participated in “Maulidur Rasul 2006” j u l a i
at Masjid Jamek, Pasir Gudang.
17 July/Julai
JLand menyertai Majlis Sambutan Maulidur Student visit from Sek. Men. Teknik, Pontian
Rasul 2006 di Masjid Jamek, Pasir Gudang. Johor at Sales Office, Pasir Gudang.
Lawatan pelajar dari Sek. Men. Teknik,
Pontian Johor di Pejabat Jualan, Pasir Gudang.
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Johor Land Berhad
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0diary
6
k o r p o r a t
diari korporat 2006
25 Jul/Jul
19-21 Sept/Sept
27 Sept/Sept
15-16 Nov/Nov
18 Nov/Nov
25 Nov/Nov
26 Nov/Nov
19-22 Dec/Dis
25 July/Julai
J Land organized an Analyst Briefing to
Netresearch – Asia Sdn Bhd.
JLand mengadakan “Analyst Briefing” untuk
Netresearch – Asia Sdn Bhd.
november
november
15-16 November/November
National I CC Convention was held at
Genting International Convention Centre,
family was held at The Managing Director’s
residence at Green Plains, Taman Bukit
Mesra Ria Aidilfitri 2006 untuk anggota
Konvensyen ICC JLand 2006 diadakan di pekerja dan keluarga diadakan di kediaman
Dewan Menara, Komtar, 80000 Johor Bahru. Pengarah Urusan di Green Plains, Taman
september
19-21 September/September
“Mesra Ria Aidilfitri 2006” for staff and
The ICC Convention JLand 2006 was held at Tiram, Tiram, Johor.
Dewan Menara, Komtar, 80000 Johor Bahru.
september
26 November/November
Bukit Tiram, Tiram, Johor.
18 November/November
“Riang Ria Aidilfitri” Carnival with customers
at Taman Bukit Dahlia, Pasir Gudang.
december
disember
First World Hotel, Genting Higlands. Top Q Karnival Riang Ria Aidilfitri bersama pelanggan
19-22 December/Disember
Group, Merger Dot Com Group and Get di Taman Bukit Dahlia, Pasir Gudang.
“Hari Mekar” Johor Corporation Group was
Max Group won 3 Gold Star Award.
Konvensyen ICC Kebangsaan diadakan di
Genting International Convention Centre,
First World Hotel, Genting Highlands.
Kumpulan Top Q, Kumpulan Merger Dot
Com dan Kumpulan Get Max memperolehi
Anugerah Emas 3 Bintang.
25 November/November
held at Persada Johor International
Prize Giving Ceremony of Landscape Convention Centre. JLand was declared as
Competition, Johor State Level by Chief the Overall Winner in 2006, for the seventh
Minister of Johor. JLand was declared as the consecutive year.
Second Winner.
Hari Mekar, Kumpulan Johor Corporation
Penyampaian Hadiah Pertandingan Lanskap diadakan di Persada Johor Pusat Konvensyen
Peringkat Negeri Johor oleh Menteri Besar Antarabangsa. J Land telah diumumkan
27 September/September
Johor. J Land telah diumumkan sebagai sebagai Pemenang Keseluruhan bagi tahun
Official Launching of Tijarah Ramadhan 2006 pemenang Tempat Kedua.
2006, untuk tahun ke tujuh berturut-turut.
at Hall 10, Putrajaya International Convention
Centre. JLand contributed RM30,000 to the
program.
Pelancaran Tijarah Ramadhan 2006 di
Dewan 10, Pusat Konvensyen Antarabangsa
Putrajaya. J Land menyumbang sejumlah
RM30,000 untuk program berkenaan.
Johor Land Berhad
2006 annual report
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35
audit
committee
report
TERMS OF REFERENCE
The Audit Committee was established on 2 September 1996 to act as a Committee for the Board of Directors.
COMPOSITION OF MEMBERS
Members
No. of meetings attended
Percentage
Kua Hwee Sim (Chairman)
Independent Non Executive Director
(appointed as Chairman w.e.f 15 February 2007)
4 out of 4
100%
Mahlil Bin Omar
Independent Non Executive Director
(resigned as Chairman w.e.f 15 February 2007)
4 out of 4
100%
Lukman Bin Hj Abu Bakar
Non Independent Non Executive Director
(appointed as Member w.e.f 15 August 2006)
1 out of 2
50%
Azizah Binti Abdul Rahman
Non Independent Non Executive Director
(resigned as Member w.e.f 15 August 2006)
2 out of 2
100%
OBJECTIVES
MEETINGS OF THE AUDIT COMMITTEE
The objectives of the Audit Committee are:-
1.
To ensure compliance with Paragraph 15, Part C of the Bursa
Malaysia Securities Berhad’s Listing Requirements.
The Audit Committee is to meet not less than four (4) times
a year.
2.
2.
To ensure the independence of the External Auditors, the
integrity of management, and the adequacy of disclosures to
shareholders.
The quorum for each meeting shall be two (2) members of the
Audit Committee both of whom shall be Independent Directors.
3.
3.
To assist the Board of Directors in fulfilling its fiduciary
responsibilities by ensuring that the results of internal
and external audit findings are fully considered and
properly resolved.
The Audit Committee may regulate its own procedures in
respect of the convening of meetings, the notice to be given
of such meetings, the voting and proceedings thereof, the
keeping of minutes and the custody, production and
inspection of such minutes.
4.
The Chairman of the Audit Committee shall submit a report
of each meeting to the Board.
5.
The Managing Director, the Group Financial Controller and
the Head of Internal Audit attended all meetings. Other
members of senior management attended some of the
meetings upon invitation by the Audit Committee. The
Company Secretary is the Secretary to the Audit Committee.
6.
During the financial year ended 31 December 2006 the
Audit Committee held a total of four (4) meetings. The
details of attendance of the Audit Committee Members are
as per table above.
1.
COMPOSITION
The Board shall elect an Audit Committee, comprising not fewer
than three members of whom the majority must be Independent
Directors. The Chairman of the Audit Committee shall be
appointed by the Board.
36
Johor Land Berhad
laporan tahunan 2006 annual report
audit committee report
AUTHORITY
SUMMARY OF ACTIVITIES
The Audit Committee is authorised by the Board:-
The Audit Committee has during the financial year ended
31 December 2006 discharged the following functions:-
1.
To investigate any matters within its terms of reference;
2.
To have the resources which are required to perform its duties;
1.
Reviewed the unaudited quarterly results and financial
statements of the Company and its subsidiaries.
3.
To have full and unrestricted access to any information
pertaining to the listed issuer;
2.
Reviewed the financial statements of the Group and
Company for the financial year ended 31 December 2006
with the External Auditors and discussed before it was
approved by the Board.
3.
Reviewed and endorsed the Audit Plan of the Group for the
financial year ended 31 December 2006.
4.
Deliberated Audit Report on audit assignments.
5.
Reviewed and discussed recent developments on accounting
and auditing standards issued by the Malaysian Accounting
Standards Board.
6.
Reviewed the related party transactions entered into by the
Company and JCorp Group of Companies.
7.
Met with the External Auditors without the presence of the
Management, pursuant to the Best Practices of Malaysian
Code of Corporate Governance.
4.
To have direct communication channels with the external
auditors and person(s) carrying out the internal audit
function or activity (if any);
5.
To be able to obtain independent professional or other advice;
6.
To be able to convene meetings with the External Auditors,
excluding the attendance of the Executive Members of the
Board, whenever deemed necessary.
FUNCTIONS
Pursuant to Para 15.13 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Audit Committee amongst others, shall
review, appraise and report to the Board on:1.
The appointment of the External Auditors, their audit fees
and in the event of their resignation or dismissal with full
explanatory statements.
2.
The adequacy of the scope, functions and resources of the
internal audit function and results of the internal audit
procedures.
3.
The quality and effectiveness of the entire accounting and
internal control system of the Group.
4.
The adequacy of the audit effort by both the External and
Internal Auditors.
5.
The adequacy of the disclosures of information essential to give
a true and fair presentation of the financial affairs of the Group.
6.
Any material discoveries of adjustments made by the External
or Internal Auditors.
7.
The quarterly results and yearly financial statements, prior to
the approval by the Board, focusing particularly on:i.
Changes in major accounting policies and their
implementation and the effects of such changes;
ii.
Significant and unusual events; and
iii.
Compliance with stated accounting standards and other
legal requirements.
8.
Any related party transactions and conflict of interest
situation that may arise, including any transactions,
procedures or course of conduct that raise question of
management integrity.
9.
The assistance given by the employees to the External
Auditors.
10.
Any such other functions as may be agreed to by the Audit
Committee and the Board.
INTERNAL AUDIT FUNCTION
The Internal Audit Function of the Company is to independently
perform all the planned activities with impartiality, proficiency and
due professional care. The Internal Audit Function provides
independent assurance on the efficiency and effectiveness of the
internal control implemented by Management. In this context, the
Internal Audit Function forms an integral part of the management
process. The Head of the Internal Audit will report directly to the
Audit Committee and administratively to the Managing Director.
In carrying out the scope of their duties, the Audit Committee
updates the Board from time to time on the issues and concerns
discussed during the Audit Committee Meetings including those
advised by the External Auditors and where appropriate, made the
necessary recommendations to the Board.
Johor Land Berhad
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37
corporate
governance
39 • Statement on Corporate Governance
44 • Statement on Internal Control
47 • Statement on Directors’ Responsibility
48 • Additional Disclosure Information
38
Johor Land Berhad
laporan tahunan 2006 annual report
statement on
corporate governance
THE BOARD OF DIRECTORS (“THE BOARD”) OF JOHOR LAND BERHAD (“JLAND” OR “THE COMPANY”)
CONFIRMS THAT DURING THE FINANCIAL YEAR ENDED 31 DECEMBER 2006, IT HAS CONTINUED TO
INCORPORATE EFFECTIVE GOVERNANCE PRACTICES IN THE OVERALL BUSINESS OF THE COMPANY AND ITS
SUBSIDIARIES IN COMPLIANCE WITH THE PRINCIPLES AND BEST PRACTICES OF THE MALAYSIAN CODE ON
CORPORATE GOVERNANCE (“THE CODE”).
THE BOARD IS DETERMINED AND COMMITTED TOWARDS ENSURING MAXIMUM SHAREHOLDERS’ VALUE AND
ENHANCING INVESTORS’ INTEREST WITH THE APPLICATION OF THE PRINCIPLES OF THE CODE.
THE BOARD OF DIRECTORS
1.
Board Composition
The Board composition is continuously reviewed. During the
financial year under review, the Board continued to be well
balanced, in which the substantial shareholders are
adequately represented, whilst the interest of the minority
shareholders are represented by the Independent Directors.
The Board’s diverse professional expertise has provided a
requisite depth and quality in its deliberation and decision
making. The Board is equipped with sufficient skills and
competency to control the direction of the Company.
2.
Board Meeting
At every Board Meeting, Board papers were delivered in
advance to facilitate informed decision making. During the
meeting, various business issues were deliberated inclusive
of discussion on the strategic business planning of the
Group, review of quarterly financial reporting, evaluation of
tenders and progress of the development projects.
Presentations to the Board were made at appropriate times
by the Management on business development and proposals
for Board’s approval. Reports from the Audit Committee
were also discussed during the Board Meetings.
During the financial year under review, the Board conducted four (4) meetings and the details of attendance of each Director are
as follows:-
Directors
No. of Meetings attended
Percentage
Tan Sri Dato’ Muhammad Ali Hashim
(Non Independent Non Executive – Chairman)
4 out of 4
100%
Mohd Talhar Bin Abdul Rahman
(Non Independent Non Executive – Deputy Chairman)
2 out of 4
50%
A.F.M Shafiqul Hafiz
(Managing Director)
4 out of 4
100%
—
—
Lukman Bin Hj Abu Bakar
(Non Independent Non Executive)
(appointed w.e.f 1 August 2006)
2 out of 2
100%
Yusof Bin Rahmat
(Non Independent Non Executive)
(appointed w.e.f 1 January 2007)
–
–
Abdul Malek Bin Talib
(Executive Director) (appointed w.e.f 1 January 2007)
Johor Land Berhad
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39
statement on corporate governance
During the financial year under review, the Board conducted four (4) meetings and the details of attendance of each Director are
as follows (cont’d.):-
Directors
3.
No. of Meetings attended
Percentage
Dato Haji Hassan Bin Haji Mohd Yunos
(Senior Independent Director)
3 out of 4
75%
Mahlil Bin Omar
(Independent Director)
4 out of 4
100%
Kua Hwee Sim
(Independent Director)
4 out of 4
100%
Azizah Binti Abdul Rahman
(Non Independent Non Executive)
(resigned w.e.f 15 August 2006)
2 out of 2
100%
Ahamad Bin Mohamad
(Non Independent Non Executive)
(resigned w.e.f 1 August 2006)
2 out of 2
100%
Mohd Tamyes Bin A Rahim
(Non Independent Non Executive)
(resigned w.e.f 2 May 2006)
1 out of 1
100%
Board Balance
The Board consists of nine (9) members. Three (3) of the
Directors are Independent Non Executive Directors, as
required by the Listing Requirements of Bursa Malaysia
Securities Berhad. Independent Directors will facilitate the
decision making process by providing unbiased and
independent opinion.
6.
Appointments to the Board
The actual decision as to who shall be nominated is the
responsibility of the full Board after considering the
recommendations by the Nomination and Remuneration
Committee (“NRC”) of Johor Corporation (“JCorp”). The NRC
is responsible for proposing respective new nominees for
the Board and for assessing Directors on an on-going basis.
The Managing Director has the principal responsibility of
reporting, clarifying and communicating matters to the
Board. The Board has also appointed Dato Hj Hassan Bin Hj
Mohd Yunos as the Senior Independent Non Executive
Director, to whom concerns may be conveyed.
7.
Re-Election
In accordance with the Company’s Articles of Association
any Director so appointed shall hold office only until the
next following Annual General Meeting, and shall then be
eligible for re-election.
4.
Supply of Information
All Directors are regularly informed on timely basis on all
relevant information pertaining to the Company’s operation
that warrants the Board’s attention. Further, the Board has
full and unrestricted access to all information within the
Company as a full Board or in their individual capacity, in
furtherance of their duties.
5.
Directors’ Training
The Board took note of the amendments to the Listing
Requirement, which stated that the board of directors of
listed companies will assume the onus of determining or
overseeing the training needs of their directors. Save for
Abdul Malek Bin Talib and Yusof Bin Rahmat who were
appointed on 1 January 2007, all Directors had attended
the Mandatory Accreditation Programme as prescribed by
Bursa Malaysia.
40
Johor Land Berhad
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In addition at every succeeding Annual General Meeting,
one-third (1/3) of the Directors, or, if their number is not a
multiple of three (3), the number nearest to, but not
exceeding one-third (1/3), shall retire from office. All
Directors shall retire from office once at least in each three
(3) years but shall be eligible for re-election.
The Managing Director shall subject to provisions of any
contract between him and the Company be subject to the
same provisions as to resignation and removal as the other
Directors of the Company and if he ceases to hold the office
of Director for any cause he shall ipso facto and immediately
cease to be a Managing Director.
As for Directors who are over 70 years of age, they are
required to submit themselves for re-appointment annually
as required by Section 129(6) of the Companies Act, 1965.
statement on corporate governance
8.
Directorship in Other Companies
As required by the Listing Requirements, none of the
Directors of the Company holds more than 10 directorships
in public listed companies and more than 15 in non-public
listed companies. This ensures that their commitment,
resources and time are focused to enable them to discharge
their duty effectively.
9.
Board Committees
The Board has delegated certain specific responsibilities to
two (2) committees which operate within clearly defined term
of references, with the main objective to assist the Board in
discharging its duties and responsibilities.
The Tender Board Committee is chaired by Dato Hj Hassan
Bin Hj Mohd Yunos. Its deliberation includes scope of work,
tender estimate, period of completion and recommendations
by Tender Evaluation Committee.
The Audit Committee (“AC”) is currently chaired by Kua Hwee
Sim and comprises three (3) members, of which two (2)
members are Independent Directors. AC meets routinely four
(4) times a year. The Managing Director, Chief Operating
Officer, Chief Finance Officer, Head of Internal Audit and
External Auditors attend such meetings by invitation. The
function and activities carried out by AC during the year
under review are contained in the Audit Committee Report as
presented on page 36 to 37 of this Annual Report.
Considering its important roles under the governance
regime, AC has also conducted self-assessment of its
effectiveness. The evaluation summarises key principles and
best practices that were aligned to Chapter 15 of Listing
Requirements, the Code and the Guidance and is provided
for AC Members’ use in assessing AC’s performance. It was
extracted from “Audit Committee Effectiveness – What Works
Best (3rd Edition)” published by PricewaterhouseCoopers
(“PwC”) and sponsored by the Institute of Internal Auditors
(“IIA”) Research Foundation, USA. The evaluation covers
areas on Financial Statements; Risk Management and Internal
Control; Compliance and Ethics; Oversight of Management
and Internal Audit; Relationship with External Auditors;
Committee Composition; Training; Resources and Special
Investigations; Charter and Evaluation; and Meetings.
In line with JCorp’s Group-wide corporate practice, JLand’s
Nomination and Remuneration Committees (“NRC”) were
dissolved and the functions and responsibilities are now
vested with the Group Nomination and Remuneration
Committees of JCorp. JLand is directly represented at the
JCorp Group NRC by its Chairman and Managing Director
who are respectively the Chairman and official member of
the JCorp Group NRC.
This approach in centralising NRC functions at the Group’s
centre is not an uncommon practice among top global
companies and leading Multi National Corporations. The
prime consideration is the strategic advantage that the
Centre provides by allowing wider access and greater reach
to a much larger pool of talent, skills and expertise as well
as to benchmark remunerations on a Group-wide basis.
10.
Board’s Effectiveness
The Board forms an important structure/platform of the
overall sound internal control system. Starting 2007, the
Nomination and Remuneration Committee of JCorp has
agreed to adopt a streamlined format for the Board of
Directors’ evaluation forms. One of the evaluations is
extracted from “Corporate Governance and the Board –
What Works Best” published by PwC and sponsored by IIA
Research Foundation, USA. The evaluation covers areas on
Strategy and Planning; Risk Management; Tone at the Top;
Measuring and Monitoring Performance; Transformational
Transactions; Management Evaluation; Compensation and
Succession Planning; Transparency; and Board Dynamics.
Johor Land Berhad
2006 annual report
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41
statement on corporate governance
DIRECTORS’ REMUNERATION
As indicated in Paragraph 9 above, the Nomination and Remuneration Committee of JCorp is also responsible for making
recommendations on the framework, policy and procedures in reviewing and determining the specific remuneration package of the
Directors in JLand.
The objectives of the remuneration policy are:
•
to ensure that individual rewards and incentives fairly relate to the performance of the individual, the Company and the interests of
shareholders; and
•
to attract and retain the most qualified and experienced senior executives.
The Committee, where appropriate, seeks independent advice and also has access to pooled information on the latest remuneration and
compensation packages practised in the market.
Details of the remuneration paid/payable to each Director for the financial year are as below:-
Directors
Bonuses
& Others
(RM)
Benefitsin-kind
(RM)
Total
(RM)
Tan Sri Dato’ Muhammad Ali Hashim
(Non Independent Non Executive Chairman)
—
48,000
—
—
48,000
Mohd Talhar Bin Abdul Rahman
(Non Independent Non Executive Deputy Chairman)
—
24,000
—
—
24,000
211,800
138,000
156,141
51,044
556,985
Abdul Malek Bin Talib
(Executive Director)
(appointed w.e.f 1 January 2007)
—
—
—
—
—
Lukman Bin Hj Abu Bakar
(Non Independent Non Executive)
(appointed w.e.f 1 August 2006)
—
10,000
—
—
10,000
Yusof Bin Rahmat
(Non Independent Non Executive)
(appointed w.e.f 1 January 2007)
—
—
—
—
—
Dato Haji Hassan Bin Haji Mohd Yunos
(Senior Independent Director)
—
24,000
—
—
24,000
Mahlil Bin Omar
(Independent Director)
—
24,000
—
—
24,000
Kua Hwee Sim
(Independent Director)
—
24,000
—
—
24,000
Azizah Binti Abdul Rahman
(Non Independent Non Executive)
(resigned w.e.f 15 August 2006)
—
15,000
—
—
15,000
Ahamad Bin Mohamad
(Non Independent Non Executive)
(resigned w.e.f 1 August 2006)
—
12,000
—
—
12,000
Mohd Tamyes Bin A Rahim
(Non Independent Non Executive)
(resigned w.e.f 2 May 2006)
—
—
—
6,000
A.F.M Shafiqul Hafiz
(Managing Director)
* Directors’ fees paid to pool fund of JCorp.
42
Basic
Fees &
Salary Allowances
(RM)
(RM)
Johor Land Berhad
laporan tahunan 2006 annual report
6,000*
statement on corporate governance
SHAREHOLDERS
(a)
Relationship with Shareholders and Investors
The Annual General Meeting (“AGM”) is the principal forum
for dialogue with shareholders. To ensure that shareholders
and investors are well informed of major developments of
the Group, information is disseminated to shareholders and
investors through various disclosures and announcements to
Bursa Malaysia which include quarterly financial results, as
well as through the annual report and where appropriate,
circulars and press releases. However, any information that
may be regarded as undisclosed material information about
the Group will be safeguarded.
(b)
Internal Control
The Statement on Internal Control is set out in page 44 to 46
of this Annual Report provides an overview of the Group’s
approach in maintaining a sound system of internal control to
safeguard shareholders’ investment and the Group’s assets.
(c)
Relationship with the Auditors
The Board through the Audit Committee has maintained an
appropriate relationship with the External Auditors and there
is a formal and transparent arrangement in the review of the
External Auditors’ audit plan, report, internal control issues
and procedures. Representatives from the External Auditors
were also invited to attend every Audit Committee Meeting.
The Audit Committee also met with the External Auditors
without the presence of the Management and the Executive
Board Members.
(d)
Audit Committee
The Audit Committee Report for the financial year is
provided in page 36 to 37 of this Annual Report.
The Group also maintains a website www.jland.com.my for
shareholders and public to access corporate information and
new events related to the group.
(b)
Annual General Meeting
At each AGM, the Chairman presents the progress and
performance of the business and encourages shareholders
to participate in the question and answer session. Members
of the Board and Senior Management are present and
available to respond to shareholders’ questions during the
meeting. Item of special business included in the notice of
the meeting will be accompanied by a full explanation of the
effects of a proposed resolution.
ACCOUNTABILITY AND AUDIT
(a)
Financial Reporting
In presenting the annual financial statements and quarterly
announcement to shareholders, the Board aims to present a
balanced and an understandable assessment of the Group’s
position and prospects.
TAN SRI DATO’ MUHAMMAD ALI HASHIM
Chairman
COMPLIANCE TO THE CODE
Except for matters specifically identified, JLand Group was
substantially in compliance with the Principles and Best Practices
in Corporate Governance throughout the financial year ended
31 December 2006.
Signed on behalf of the Board of Directors in accordance with
their resolution dated 27 February 2007.
A.F.M SHAFIQUL HAFIZ
Managing Director
Johor Land Berhad
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43
statement on
internal control
THE BOARD OF DIRECTORS (“THE BOARD”) OF JOHOR LAND BERHAD (“THE COMPANY” OR “JLAND”) IS
PLEASED TO PROVIDE THE STATEMENT ON INTERNAL CONTROL PURSUANT TO PARAGRAPH 15.27 (B) OF THE
LISTING REQUIREMENTS.
THE BOARD ACKNOWLEDGES ITS RESPONSIBILITY IN MAINTAINING A SOUND SYSTEM OF INTERNAL
CONTROL TO SAFEGUARD SHAREHOLDERS’ INVESTMENT AND THE COMPANY’S ASSETS.
In discharging the stewardship responsibilities, the Board
recognises its responsibilities in reviewing the adequacy and the
integrity of internal control systems and management information
systems of JLand Group, including systems for compliance with
applicable laws, regulations, rules, directives and guidelines as well
as identifying principal risks and ensures the implementation of
appropriate systems to manage the risks. The Group’s internal
control system is designed to manage rather than eliminate risk of
failure to achieve business objectives and can only provide
reasonable assurance and not absolute assurance against material
misstatement or loss.
For the financial year under review, the Board is satisfied that
there is an ongoing process of identifying, evaluating and
managing the significant risks faced by the Company.
In providing the Statement on Internal Control for the Group,
pursuant to Para 46 of the “Statement on Internal Control -
Guidance for Directors of Public Listed Companies” (“the
Guidance”), the Board wishes to inform that it has excluded the
assessment of controls on associated company i.e. Revertex (M)
Sdn Bhd (“Revertex”), where the assurance on internal control of
the company is obtained through JLand’s representation on the
board of Revertex.
JLand has adopted COSO Internal Control Framework since 2001.
This is in line with the Guidance. Internal control is defined as a
process, effected by JLand’s Board of Directors and Management,
designed to provide reasonable assurance regarding the
achievement of the company’s objectives. In this regard, JLand has
conducted annual survey based on the five COSO elements
among the employees.
The key elements of the Group’s internal control systems are
described below:
MONITORING
RISK
ASSESSMENT
CONTROL
ENVIRONMENT
INFORMATION &
COMMUNICATION
44
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laporan tahunan 2006 annual report
CONTROL
ASSESSMENT
statement on internal control
CONTROL ENVIRONMENT
RISK ASSESSMENT
The Board has clear strategies for dealing with the significant
risks that have been identified. The Board and the Senior
Management set the tone of the organisation by demonstrating to
staff and stakeholders, through words and actions, that integrity
and ethical values cannot be compromised. Factors influencing the
control environment include the management’s philosophy and
operating style, the manner in which management assigns
authority and responsibility, and the attention and direction
provided by the Board.
The Board acknowledges its responsibilities in identifying principal
risks and ensuring the implementation of appropriate systems to
manage these risks. For the financial year under review, the Board
is satisfied that the Group’s objectives are adequately supported by
strategic planning, business plan and budgets. The Group has in
place, an effective risk management policy together with
mechanisms effective enough to anticipate and respond
to changes.
The Group adopted AS/NZS 4360:2004 Risk Management
Framework. The Risk Management Framework is as follows:
COMMUNICATE
& CONSULT
ESTABLISH
THE CONTEXT
IDENTIFY
RISKS
ANALYSE
RISKS
EVALUATE
RISKS
TREAT
RISKS
MONITORING
& REVIEW
During the financial year, four (4) Risk Management Reports have
been deliberated to the Board. Amongst the reports are the
highlights on risk assessments within the context of JLand’s
Strategic Planning 2006 – 2010 and business opportunities and
threats in terms of the property market.
The Risk Management function is led by the Chief Risk Officer who
oversees the overall risk management activities of the Company.
CHIEF RISK OFFICER
RISK OFFICER
JOHOR BAHRU
PASIR GUDANG
TIRAM
TEBRAU
Johor Land Berhad
2006 annual report
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45
statement on internal control
CONTROL ACTIVITIES
Other monitoring functions:
The Group has established procedures for reporting immediately
to appropriate levels of management any significant control failings
or weaknesses that are identified together with details of corrective
actions being undertaken.
1.
Other oversight function within the Company is the Internal
Audit Function which is independent of the activities they
audit and has performed their duties with impartiality,
proficiency and due professional care. As part of good
corporate governance, the internal audit services add
substantive value to JLand by providing assurance that its
exposures are understood and managed appropriately.
There has been adequate processes for authorizations (limits of
authorities), reviewing and approving reconciliations within the
Group. Controls are in place through policies and procedures and
considered sufficient to meet the Company’s objectives.
2.
MONITORING
Senior Management is actively involved in all operations of the
Company, and has direct contact with customers, suppliers,
production activities, bankers, etc. Management frequently
challenges financial and management reports that are inconsistent
within its knowledge. The Board regularly receives and review
reports on internal control. The internal control considered by the
Board includes all types of controls including those of operational
and compliance in nature, as well as internal financial controls.
Reports on the state on internal control i.e. the adequacy and
integrity of the internal controls of the company is provided by an
independent Internal Audit Function which possess the necessary
expertise to perform their duties.
GOVERNANCE COMMITTEES
At the management level, various committees have been
formed to ensure that decisions are made collectively and
after thorough discussion. JLand has established fifteen (15)
Governance Committees to facilitate the operations.
INFORMATION AND COMMUNICATION
The entity-wide strategic plan developed by Management identifies
the internally and externally generated information. Information
must be identified, captured and communicated in a form and time
frame which enables people to carry out their responsibilities.
Personnel must receive a clear message from top management
that control responsibilities must be taken seriously. Employees
must understand their own role in the internal control system and
how individual activities relate to the work of others. Also there
must be means of communicating significant information upstream.
There must also be an effective communication with outsiders
such as customers, suppliers, regulators and shareholders.
AUDIT DEPARTMENT
3.
INTERNAL QUALITY AUDIT (IQA) AND
SURVEILLANCE
Internal Quality Audit and followed by SI RI M QAS’s
Surveillance Audit is to ensure that JLand is in compliance
with the ISO Standards. The surveillance audit which was
held in mid-2006 has concluded satisfactorily.
JLand’s accreditation to the stringent requirements of the
MS ISO 9001:2000 Standard is a manifestation of its
commitment to ensure the Quality Management System is
effectively implemented and continuously improved.
REVIEW BY THE EXTERNAL AUDITORS
The External Auditors have reviewed this Statement pursuant to
Paragraph 15.24 of the Listing Requirements and in accordance
with Recommended Practice Guide (“RPG”) 5, Guidance for
Auditors on the Review of Directors’ Statement on Internal Control.
THE BOARD’S CONCLUSION
The Board is pleased to report that the Group has maintained a
sound internal control system for the financial year under review
which provides reasonable but not absolute assurance that the
Group will not be hindered in achieving their business or be
affected by any circumstances which may reasonably foreseen.
Signed on behalf of the Board of Directors in accordance with
their resolution dated 27 February 2007.
TAN SRI DATO’ MUHAMMAD ALI HASHIM
A.F.M SHAFIQUL HAFIZ
Chairman
Managing Director
46
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laporan tahunan 2006 annual report
statement on
directors’ responsibility
The Directors consider that, in preparing the financial statements of the Group and of the Company for the financial year ended
31 December 2006, the Group and the Company have used appropriate accounting policies, consistently applied and supported by
reasonable and prudent judgements and estimates. The Directors also consider that all applicable approved accounting standards for
entities other than private entities issued by MASB in Malaysia have been followed and confirm that the financial statements have been
prepared on a going concern basis.
The Directors are responsible for ensuring that the Company and its subsidiaries keep accounting records which disclose with reasonable
accuracy at any time the financial position of the Group and of the Company and which enable them to ensure that the financial
statements comply with the provisions of the Companies Act, 1965. The Directors are also responsible for taking such steps as are
reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
Signed on behalf of the Board of Directors in accordance with their resolution dated 27 February 2007.
TAN SRI DATO’ MUHAMMAD ALI HASHIM
A.F.M SHAFIQUL HAFIZ
Chairman
Managing Director
Johor Land Berhad
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47
additional
disclosure information
UTILIZATION OF PROCEEDS
The Company did not implement any fund raising exercise during the financial year.
SHARE BUY-BACK
During the financial year, the Company repurchased in the open market 118,800 of its issued ordinary shares as per table below.
As at 31 December 2006, the Company repurchased 951,800 units of its issued shares from the open market.
The total shares repurchased are being held as treasury shares and carried out as cost in accordance with the requirement of Section
67A of Companies Act 1965. None of the treasury shares has been resold, cancelled or distributed as share dividends as at the date of
this report.
Month 2006
Jan – Feb
March
April
May
June
July – Dec
No. of shares
purchased
Lowest
purchase price
(RM)
Highest
purchase price
(RM)
Average
purchase price
(RM)
Total purchase
consideration
(RM)
—
19,900
56,100
—
42,800
—
—
0.805
0.775
—
0.790
—
—
0.830
0.783
—
0.790
—
—
0.822
0.779
—
0.790
—
—
16,349
43,758
—
33,812
—
OPTION, WARRANTS OR CONVERTIBLE SECURITIES
No options, warrants or Convertible Securities were exercised during the financial year.
AMERICAN DEPOSITORY RECEIPT (“ADR”) OR GLOBAL DEPOSITORY RECEIPT (“GDR”)
The Company did not sponsor any ADR or GDR programme during the financial year.
SANCTIONS AND/OR PENALTIES
There were no public sanctions and/or penalties imposed on the Company and its subsidiaries, Directors or management by any
regulatory bodies during the financial year.
NON-AUDIT FEES
The amount of non-audit fees payable to the External Auditors by the Group for the financial year ended 31 December 2006 is as follows:
Auditors
KPMG
Services
Professional fee for services rendered in relation with the review of
Statement on Internal Control
RM
1,000
VARIATION IN RESULTS
There was no material variation between the audited results for the financial year ended 31 December 2006 and the unaudited results
previously released for the financial quarter ended 31 December 2006.
PROFIT GUARANTEE
The Company did not make any arrangement during the financial year which requires profit guarantee.
48
Johor Land Berhad
laporan tahunan 2006 annual report
additional disclosure information
MATERIAL CONTRACTS
There was no other material contracts entered into by the Company and/or its subsidiaries involving Directors and major shareholders’
interests subsisting at 31 December 2006 or entered into since the end of the previous financial year ended 31 December 2005 except
as disclosed under Note 23 of the financial statements on page 86.
At an Extraordinary General Meeting held on Tuesday, 24 May 2006, the Company obtained a Shareholders’ mandate to allow the Group
to enter into recurrent related party transactions of a revenue or trading nature with the following parties:-
Company
JLand and/or
Subsidiaries
Actual Value of
Transaction from
1 January to 31
December 2006
(RM’000)
Transacting Party
Nature of Transaction
Relationship of
transacting party
KMB
1. Sale of fresh fruit bunches through KMB:
– sales value
– commission payable to KMB
2. Management of oil palm estate by KMB
A subsidiary of JCorp, a
major shareholder of JLand,
by virtue of Section
6A of the Act^
2,824
*56
*293
3,173
JLand and/or
subsidiaries
Damansara Assets
Sdn Bhd
Rental of office space to JLand and
related expenses
A wholly-owned subsidiary of JCorp,
a major shareholder of JLand,
by virtue of Section 6A of the Act^
*527
JLand and/or
subsidiaries
Pro Communication
Services Sdn. Bhd.
Advertising and promotion services
provided to JLand Group
A subsidiary of JCorp via
Tajasukan Sdn Bhd^
JLand and/or
subsidiaries
Teraju Fokus
Sdn Bhd
Security services provided to JLand Group
An associate company of JCorp,
a major shareholder of JLand, by
virtue of Section 6A of the Act^
JLand and/or
subsidiaries
JCorp
Miscellaneous services rendered by JCorp
(for example secretarial services, staff
training, legal advisory, rental, internal
audit services)
JCorp is a major shareholder of JLand
by virtue of Section 6A of the Act^
*110
JLand and/or
subsidiaries
JCorp Group
Sale of houses, shops, shop offices and other
types of development on land registered in the
name of JCorp Group for which JLand has
acquired from JCorp Group the said land. The
entire proceeds of the sale accrue to JLand
JCorp is a major shareholder of JLand
by virtue of Section 6A of the Act^
88
*39
*1,027
* Denotes amounts payable by JLand to transacting parties
^ Interested directors, Major shareholders and persons connected are as follows:(i)
(ii)
(iii)
(iv)
(v)
(vi)
Tan Sri Dato’ Muhammad Ali bin Hashim is the Chairman of JLand and Chief Executive of JCorp. He is also the Chairman of various other companies within the JCorp Group.
Mohd Talhar bin Abdul Rahman is a Non Independent Non Executive Deputy Chairman of JLand and the Group Chairman of Messrs C H Williams Talhar & Wong Sdn. Bhd. that
provides professional services to JLand via the JCorp Group.
A.F.M Shafiqul Hafiz is the Managing Director of JLand and also holds directorships in various other companies within the JCorp Group.
Lukman Bin Hj Abu Bakar is a Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group.
Abdul Malek Bin Talib is an Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group
Yusof Bin Rahmat is a Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group.
Johor Land Berhad
2006 annual report
laporan tahunan
49
financial
statements
50
Directors’ Report
51
Statement by Directors
55
Statutory Declaration
55
Report of The Auditors
56
Balance Sheets
57
Income Statements
58
Consolidated Statement of Changes in Equity
59
Statement of Changes in Equity
60
Cash Flow Statements
61
Notes to the Financial Statements
63
Johor Land Berhad
laporan tahunan 2006 annual report
directors’ report for the year ended 31 December 2006
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the year
ended 31 December 2006.
PRINCIPAL ACTIVITIES
The principal activities of the Company consist of the housing development and investment holdings. The principal activities of its
subsidiaries are disclosed in Note 5 to the financial statements. There has been no significant change in the nature of these activities
during the financial year.
RESULTS
Profit for the year
Group
RM
Company
RM
17,747,702
17,132,415
RESERVES AND PROVISIONS
There were no material transfers to or from reserves and provisions during the financial year under review except as disclosed in the
financial statements.
DIVIDENDS
Since the end of the previous financial year, the Company paid:
(i)
an interim dividend of 4% less tax per ordinary share totalling RM3,489,610 in respect of the year ended 31 December 2005 on
21 April 2006;
(ii)
a final dividend of 3% less tax per ordinary share totalling RM2,618,685 in respect of the year ended 31 December 2005 on
30 June 2006; and
(iii)
an interim dividend of 4% less tax per ordinary share totalling RM3,486,186 in respect of the year ended 31 December 2006 on
21 December 2006.
The Directors do not recommend the payment of any final dividend in respect of the current financial year.
DIRECTORS OF THE COMPANY
Directors who served since the date of the last report are:
Tan Sri Dato’ Muhammad Ali Hashim
Mohd Talhar bin Abd. Rahman
A.F.M. Shafiqul Hafiz
Kua Hwee Sim
Mahlil bin Omar
Dato’ Hj. Hassan bin Hj. Mohd. Yunos
Lukman bin Hj. Abu Bakar (appointed on 1 August 2006)
Yusof bin Rahmat (appointed on 1 January 2007)
Abdul Malek bin Talib (appointed on 1 January 2007)
Md. Tamyes bin A. Rahim (resigned on 2 May 2006)
Ahamad bin Mohamad (resigned on 1 August 2006)
Azizah binti Abdul Rahman (resigned on 15 August 2006)
Johor Land Berhad
2006 annual report
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51
directors’ report for the year ended 31 December 2006
DIRECTORS’ INTERESTS
The holdings and deemed holdings in the ordinary shares of the Company and of its related corporations of those who were Directors
at year end as recorded in the Register of Directors’ Shareholdings are as follows:
Name of Directors
COMPANY
Tan Sri Dato’ Muhammad Ali Hashim
A.F.M. Shafiqul Hafiz
Kua Hwee Sim
Mohd Talhar bin Abd. Rahman
Name of Directors
RELATED COMPANIES
– Kulim (Malaysia) Berhad
Tan Sri Dato’ Muhammad Ali Hashim
Interest
Direct
Direct
Direct
Direct
Interest
Number of ordinary shares of RM1.00 each
At
At
1 January
31 December
2006
Bought
Sold
2006
46,000
251,000
9,000
—
54,360
70,500
—
7,920
—
(253,700)
—
—
100,360
67,800
9,000
7,920
Number of ordinary shares of RM0.50 each
At
At
1 January
31 December
2006
Bought
Sold
2006
Direct
Deemed
284,000
16,400
—
6,000
Mohd Talhar bin Abd. Rahman
Direct
41,370
—
(41,370)
—
A.F.M. Shafiqul Hafiz
Direct
1,000
9,000
(9,000)
1,000
Name of Directors
Interest
—
—
284,000
22,400
Number of ordinary shares of RM1.00 each
At
At
1 January
31 December
2006
Bought
Sold
2006
– Sergam Berhad
A.F.M. Shafiqul Hafiz
Direct
1
—
—
1
– Sindora Berhad
Tan Sri Dato’ Muhammad Ali Hashim
Direct
69,300
3,465
—
72,765
A.F.M. Shafiqul Hafiz
Direct
—
14,700
Direct
Deemed
81,100
12,000
—
—
A.F.M. Shafiqul Hafiz
Direct
—
16,600
– QSR Brands Bhd
A.F.M. Shafiqul Hafiz
Direct
—
1,000
– KPJ Healthcare Berhad
Tan Sri Dato’ Muhammad Ali Hashim
(14,700)
—
—
(16,600)
—
—
81,100
12,000
—
1,000
None of the other Directors holding office at 31 December 2006 had any interest in the ordinary shares of the Company and of its
related corporations during the year.
52
Johor Land Berhad
laporan tahunan 2006 annual report
directors’ report for the year ended 31 December 2006
DIRECTORS’ BENEFITS
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive any benefit (other
than a benefit included in the aggregate amount of emoluments received or due and receivable by Directors as shown in the financial
statements) by reason of a contract made by the Company or a related corporation with the Director or with a firm of which the Director
is a member, or with a company in which the Director has a substantial financial interest.
There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the Company to
acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.
ISSUE OF SHARES
There were no changes in the authorised, issued and paid-up capital of the Company during the financial year.
OPTIONS GRANTED OVER UNISSUED SHARES
No options were granted to any person to take up unissued shares of the Company during the financial year.
OTHER STATUTORY INFORMATION
Before the balance sheets and income statements of the Group and of the Company were made out, the Directors took reasonable steps
to ascertain that:
(i)
all known bad debts have been written off and adequate provision has been made for doubtful debts, and
(ii)
all current assets have been stated at the lower of cost and net realisable value.
At the date of this report, the Directors are not aware of any circumstances:
(i)
that would render the amount written off for bad debts, or the amount of the provision for doubtful debts in the Group and in the
Company inadequate to any substantial extent, or
(ii)
that would render the value attributed to the current assets in the financial statements of the Group and of the Company misleading,
or
(iii)
which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the
Company misleading or inappropriate, or
(iv)
not otherwise dealt with in this report or the financial statements, that would render any amount stated in the financial statements
of the Group and of the Company misleading.
At the date of this report, there does not exist:
(i)
any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which secures
the liabilities of any other person, or
(ii)
any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable within
the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the
ability of the Group and of the Company to meet their obligations as and when they fall due.
In the opinion of the Directors, except for the effect of adoption of new Financial Reporting Standards as disclosed in Note 27 to the
financial statements, the results of the operations of the Group and of the Company for the year ended 31 December 2006 have not
been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item, transaction or event
occurred in the interval between the end of that financial year and the date of this report.
Johor Land Berhad
2006 annual report
laporan tahunan
53
directors’ report for the year ended 31 December 2006
AUDITORS
The auditors, Messrs KPMG, have indicated their willingness to accept re-appointment.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
Tan Sri Dato’ Muhammad Ali Hashim
A.F.M. Shafiqul Hafiz
Johor Bahru,
Date: 5 March 2007
54
Johor Land Berhad
laporan tahunan 2006 annual report
statement by directors
pursuant to Section 169(15) of the Companies Act, 1965
In the opinion of the Directors, the financial statements set out on pages 57 to 92, are drawn up in accordance with the provisions of
the Companies Act, 1965 and applicable approved accounting standards for entities other than private entities issued by the Malaysian
Accounting Standards Board so as to give a true and fair view of the state of affairs of the Group and of the Company at 31 December
2006 and of the results of their operations and cash flows for the financial year ended on that date.
Signed in accordance with a resolution of the Directors:
Tan Sri Dato’ Muhammad Ali Hashim
A.F.M. Shafiqul Hafiz
Johor Bahru,
Date: 5 March 2007
statutory declaration
pursuant to Section 169(16) of the Companies Act, 1965
I, Mariana binti Sidi, the officer primarily responsible for the financial management of JOHOR LAND BERHAD, do solemnly and sincerely
declare that the financial statements set out on pages 57 to 92 are, to the best of my knowledge and belief, correct and I make this
solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed in Johor Bahru in the State of Johor on 5 March 2007.
Mariana binti Sidi
Before me:
R. RAMASAMY
P.I.S.
Commissioner for Oaths
J058
Johor Land Berhad
2006 annual report
laporan tahunan
55
report of the auditors to members of Johor Land Berhad
We have audited the financial statements set out on pages 57 to 92. The preparation of the financial statements is the responsibility of
the Company’s Directors.
It is our responsibility to form an independent opinion, based on our audit, on the financial statements and to report our opinion to you,
as a body, in accordance with Section 174 of the Companies Act, 1965 and for no other purpose. We do not assume responsibility to
any other person for the content of this report.
We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall financial
statements presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion:
(a)
(b)
the financial statements are properly drawn up in accordance with the provisions of the Companies Act, 1965 and applicable
approved accounting standards for entities other than private entities issued by the Malaysian Accounting Standards Board so as to
give a true and fair view of:
(i)
the state of affairs of the Group and of the Company as at 31 December 2006 and of the results of their operations and
cash flows for the financial year ended on that date; and
(ii)
the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements of the Group
and of the Company; and
the accounting and other records and the registers required by the Companies Act, 1965 to be kept by the Company and its
subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the said Act.
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s financial statements are
in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have
received satisfactory information and explanations required by us for those purposes.
The audit reports on the financial statements of the subsidiaries were not subject to any qualification and did not include any comment
made under sub-section (3) of Section 174 of the Act.
The previous years’ financial statements of the Group and of the Company were audited by another firm of accountants.
KPMG
Firm Number: AF 0758
Chartered Accountants
Johor Bahru,
Date: 5 March 2007
56
Johor Land Berhad
laporan tahunan 2006 annual report
Ang Ah Leck
Partner
Approval Number: 1991/09/07 (J)
balance sheets as at 31 December 2006
Group
Note
Company
2006
RM
2005
RM
2006
RM
2005
RM
3,782,524
3,184,538
—
40,463,832
500,009,076
15,786,251
5,210,841
2,534,538
—
42,281,112
498,918,665
15,506,251
2,269,524
—
19,548,000
37,188,721
487,977,226
15,787,251
2,707,126
—
19,548,000
37,188,721
486,886,815
15,507,251
563,226,221
564,451,407
562,770,722
561,837,913
102,060,655
48,231,686
38,338,015
176,462
5,332,139
82,352,483
47,297,106
40,682,314
114,618
20,879,336
63,513,070
44,940,628
46,209,770
176,462
2,540,653
58,115,107
45,752,395
50,831,839
114,618
1,171,498
Total current assets
194,138,957
191,325,857
157,380,583
155,985,457
Total assets
757,365,178
755,777,264
720,151,305
717,823,370
Equity
Share capital
Reserves
Retained earnings
122,000,000
369,115,511
148,846,545
122,000,000
369,210,127
140,693,324
122,000,000
369,115,511
116,250,987
122,000,000
369,210,127
108,713,053
Total equity attributable to shareholders
of the Company
Minority interests
639,962,056
—
631,903,451
72,413
607,366,498
—
599,923,180
—
Assets
Property, plant and equipment
Investment properties
Investments in subsidiaries
Investments in associates
Land held for future development
Deferred tax assets
3
4
5
6
7
8
Total non-current assets
Property development projects
Inventories
Trade and other receivables
Short term investments
Cash and cash equivalents
9
10
11
12
13
Total equity
14
639,962,056
631,975,864
607,366,498
599,923,180
Liabilities
Loans and borrowings/Total non-current liabilities
15
61,142,084
53,486,282
52,462,084
53,477,067
16
15
15,380,467
40,573,684
306,887
22,269,906
46,735,513
1,309,699
23,665,157
36,573,684
83,882
21,216,863
42,719,713
486,547
56,261,038
70,315,118
60,322,723
64,423,123
Total liabilities
117,403,122
123,801,400
112,784,807
117,900,190
Total equity and liabilities
757,365,178
755,777,264
720,151,305
717,823,370
Trade and other payables
Loans and borrowings
Taxation
Total current liabilities
The accompanying notes form an integral part of the financial statements.
Johor Land Berhad
2006 annual report
laporan tahunan
57
income statements for the year ended 31 December 2006
Group
Note
Revenue
Cost of sales
17
2006
RM
Company
2005
RM
2006
RM
2005
RM
74,660,253
(43,354,848)
88,783,157
(54,788,252)
78,689,709
(37,698,051)
88,511,676
(47,647,791)
31,305,405
1,901,947
(2,655,941)
(11,183,645)
(358,423)
33,994,905
1,683,436
(3,800,726)
(9,589,087)
(1,628,656)
40,991,658
1,645,512
(2,628,775)
(9,701,152)
(1,110)
40,863,885
381,288
(3,774,011)
(7,954,644)
(1,503,823)
18
19,009,343
281,807
(6,068,490)
20,659,872
413,316
(5,616,097)
30,306,133
38,678
(5,858,784)
28,012,695
22,721
(5,450,969)
19
13,222,660
15,457,091
24,486,027
22,584,447
8,876,148
—
7,822,721
(1,019,100)
—
—
—
—
22,098,808
(4,423,519)
22,260,712
(5,805,172)
24,486,027
(7,353,612)
22,584,447
(7,861,574)
Profit for the year
17,675,289
16,455,540
17,132,415
14,722,873
Attributable to:
Shareholders of the Company
Minority interest
17,747,702
(72,413)
16,567,113
(111,573)
17,132,415
—
14,722,873
—
Profit for the year
17,675,289
16,455,540
17,132,415
14,722,873
Gross profit
Other income
Distribution expenses
Administration expenses
Other expenses
Results from operating activities
Interest income
Finance costs
Operating profit
Share of profit after tax and minority interest
of equity accounted associates
Amortisation of premium on acquisition of associates
Profit before tax
Tax expense
20
Basic earnings per ordinary share (sen)
21
14.66
13.67
Diluted earnings per ordinary share (sen)
21
4.42
4.16
The accompanying notes form an integral part of the financial statements.
58
Johor Land Berhad
laporan tahunan 2006 annual report
consolidated statement of changes in equity for the year ended 31 December 2006
Note
Group
At 1 January 2005
– As previously reported
– Effect of adopting FRS 132
At 1 January 2005,
restated
Profit for the year
Dividends to shareholders
At 31 December 2005,
restated
Profit for the year
Treasury shares acquired
Dividends to shareholders
At 31 December 2006
Total
RM
Minority
interest
RM
Total
equity
RM
346,726,299
272,099,649
183,986
—
346,910,285
272,099,649
27
122,000,000
—
78,581,839
—
19,288,797
272,099,649
(760,158) 127,615,821
—
—
22
122,000,000
—
—
78,581,839
—
—
291,388,446
—
—
(760,158) 127,615,821 618,825,948
—
16,567,113
16,567,113
—
(3,489,610) (3,489,610)
122,000,000
78,581,839
291,388,446
(760,158) 140,693,324
631,903,451
72,413
631,975,864
27
122,000,000
—
78,581,839
—
19,288,797
272,099,649
(760,158) 135,805,760
—
4,887,564
354,916,238
276,987,213
72,413
—
354,988,651
276,987,213
22
122,000,000
—
—
—
78,581,839
—
—
—
291,388,446
—
—
—
(760,158) 140,693,324 631,903,451
—
17,747,702
17,747,702
(94,616)
—
(94,616)
—
(9,594,481) (9,594,481)
122,000,000
78,581,839
291,388,446
(854,774) 148,846,545
At 31 December 2005,
restated
At 31 December 2005
– As previously reported
– Effect of adopting FRS 132
Share
capital
RM
Attributable to shareholders of the Company
Non-distributable
Convertible
unsecured
Share loan stocks
Distributable
premium
-equity
Treasury
Retained
reserve
portion
shares
earnings
RM
RM
RM
RM
183,986 619,009,934
(111,573) 16,455,540
—
(3,489,610)
72,413 631,975,864
(72,413) 17,675,289
—
(94,616)
—
(9,594,481)
639,962,056
—
639,962,056
The accompanying notes form an integral part of the financial statements.
Johor Land Berhad
2006 annual report
laporan tahunan
59
statement of changes in equity for the year ended 31 December 2006
Note
Company
At 1 January 2005
– As previously reported
– Effect of adopting FRS 127
— Effect of adopting FRS 132
At 1 January 2005, restated
Profit for the year
Dividends to shareholders
At 31 December 2005,
restated
Profit for the year
Treasury shares acquired
Dividends to shareholders
At 31 December 2006
Johor Land Berhad
laporan tahunan 2006 annual report
Revaluation
reserve
RM
Total
equity
RM
2,530,027 102,479,790 324,120,295
(2,530,027) (5,000,000) (7,530,027)
—
— 272,099,649
122,000,000
—
—
78,581,839 19,288,797
—
—
— 272,099,649
(760,158)
—
—
22
122,000,000
—
—
78,581,839 291,388,446
—
—
—
—
(760,158)
—
—
—
—
—
122,000,000
78,581,839 291,388,446
(760,158)
— 108,713,053 599,923,180
27
27
122,000,000
—
—
78,581,839 19,288,797
—
—
— 272,099,649
(760,158)
—
—
2,530,027 108,825,489 330,465,994
(2,530,027) (5,000,000) (7,530,027)
—
4,887,564 276,987,213
22
122,000,000
—
—
—
78,581,839 291,388,446
—
—
—
—
—
—
(760,158)
—
(94,616)
—
— 108,713,053 599,923,180
— 17,132,415 17,132,415
—
—
(94,616)
—
(9,594,481) (9,594,481)
122,000,000
78,581,839 291,388,446
(854,774)
— 116,250,987 607,366,498
The accompanying notes form an integral part of the financial statements.
60
Distributable
Retained
earnings
RM
Treasury
shares
RM
27
27
At 31 December 2005,
restated
At 31 December 2005
– As previously reported
– Effect of adopting FRS 127
– Effect of adopting FRS 132
Share
capital
RM
Non-distributable
Convertible
unsecured
Share loan stockspremium
equity
reserve
portion
RM
RM
97,479,790 588,689,917
14,722,873 14,722,873
(3,489,610) (3,489,610)
cash flow statements for the year ended 31 December 2006
Group
Company
2006
RM
2005
RM
2006
RM
2005
RM
22,098,808
22,260,712
24,486,027
22,584,447
—
276,920
565,037
6,068,490
—
—
14,159
8,844
(2,371)
(3,018)
—
(281,807)
(8,876,148)
1,019,100
—
805,610
5,616,097
—
1,623,786
—
4,869
(5,641)
(12,612)
(1,065,754)
(413,316)
(7,822,721)
—
—
463,295
5,858,784
—
—
—
1,109
(2,371)
(3,018)
—
(38,678)
—
—
—
499,493
5,450,969
1,500,000
—
—
3,823
(5,641)
(12,612)
—
(22,721)
—
Operating profit before changes in working capital
Change in inventories
Change in trade and other receivables
Change in trade and other payables
Change in property development projects
19,868,914
(934,580)
2,349,208
(6,889,439)
(19,708,172)
22,010,130
(2,792,119)
1,960,206
(12,641,916)
(6,026,487)
30,765,148
811,767
4,622,069
2,448,294
(5,397,963)
29,997,758
(8,869,753)
(15,894,637)
2,015,583
3,531,651
Cash (used in)/generated from operations
Interest received
Dividend received
Interest paid
Tax paid
(5,314,069)
281,807
10,825,175
(3,000,198)
(5,711,238)
2,509,814
413,316
9,020,979
(2,688,915)
(6,013,889)
33,249,315
38,678
—
(2,790,492)
(8,036,277)
10,780,602
22,721
—
(2,523,787)
(9,006,407)
(2,918,523)
3,241,305
22,461,224
(726,871)
(146,081)
(131,750)
(422,353)
(1,090,411)
59,438
—
363,528
2,371
(490,168)
—
(145,095)
2,091,050
—
1,837,500
143,024
4,341
(26,802)
—
(422,353)
(1,090,411)
—
—
363,527
2,371
(259,146)
—
(145,095)
2,091,050
—
—
1,980,524
4,341
(1,365,258)
3,440,652
(1,173,668)
3,671,674
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax
Adjustments for:Amortisation of premium on acquisition of an associate
Change in fair value on investment property
Depreciation
Finance costs
Impairment loss in investment in a subsidiary
Loss on disposal of investment in an associate
Loss on disposal of property, plant and equipment
Property, plant and equipment written off
Gross dividends from quoted shares
Gain on disposal of quoted investments
Impairment loss on property, plant and equipment
Interest income
Share in results of associate
Net cash (used in)/from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
Acquisition of investment in associate
Acquisition of quoted investment
Land held for future developments
Proceeds from disposal of property, plant and equipment
Proceeds from disposal of investment in an associate
Proceeds from disposal of quoted investments
Dividends received
Net cash (used in)/from investing activities
Johor Land Berhad
2006 annual report
laporan tahunan
61
cash flow statements for the year ended 31 December 2006
Group
2006
RM
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of finance lease liabilities
Net proceeds/(repayment) of borrowings
Drawdown of bridging loan
Dividends paid to shareholders of the Company
Interest paid on convertible unsecured loan stocks
Treasury shares
Company
2005
RM
2006
RM
2005
RM
(284,465)
16,414
8,680,000
(9,594,481)
(4,023,288)
(94,616)
(272,439)
(4,093,817)
—
(5,631,617)
(3,290,959)
—
(259,450)
16,414
—
(9,594,481)
(4,023,288)
(94,616)
(256,639)
(4,093,817)
—
(5,631,617)
(3,290,959)
—
(5,300,436)
(13,288,832)
(13,955,421)
(13,273,032)
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 January
(9,584,217)
(16,536,147)
(6,606,875)
(9,929,272)
7,332,135
(36,243,985)
(10,328,229)
(25,915,756)
Cash and cash equivalents at 31 December
(26,120,364)
(16,536,147)
(28,911,850)
(36,243,985)
3,611,550
1,720,589
(31,452,503)
8,249,276
12,630,060
(37,415,483)
2,540,653
—
(31,452,503)
1,171,498
—
(37,415,483)
(26,120,364)
(16,536,147)
(28,911,850)
(36,243,985)
Net cash used in financing activities
Cash and cash equivalents included in the cash flow statements
comprise the following balance sheet amounts:
Cash and bank balances
Fixed deposits with a licensed banks
Bank overdrafts
The accompanying notes form an integral part of the financial statements.
62
Johor Land Berhad
laporan tahunan 2006 annual report
notes to the financial statements
Johor Land Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Board of Bursa
Malaysia Securities Berhad. The addresses of its registered office and principal place of business are as follows:
Registered office
13th Floor, Menara Johor Corporation
KOTARAYA
80000 Johor Bahru
Johor Darul Takzim
Principal place of business
10th Floor
KOMTAR
Jalan Wong Ah Fook
80000 Johor Bahru
Johor Darul Takzim
The consolidated financial statements as at and for the year ended 31 December 2006 comprise the Company and its subsidiaries
(together referred to as the Group) and the Group’s interest in associates.
The principal activities of the Company consist of the housing development and investment holdings. The principal activities of its
subsidiaries are disclosed in Note 5.
The holding and ultimate holding corporation during the financial year is Johor Corporation, a body corporate established under the Johor
Corporation Enactment (No. 4 of 1968) (as amended by Enactment No. 5 of 1995).
1.
BASIS OF PREPARATION
(a)
Statement of compliance
The financial statements of the Group and of the Company have been prepared in accordance with applicable approved
accounting standards for entities other than private entities issued by the Malaysian Accounting Standards Board (MASB),
accounting principles generally accepted in Malaysia and the provisions of the Companies Act, 1965.
The MASB has issued a number of new and revised Financial Reporting Standards (FRSs) or Interpretation that are effective
for annual periods beginning on or after 1 January 2006 or available for early adoption. The following new FRSs have not
been applied in preparing these financial statements:
(i)
FRS 117, Leases – This FRS is effective for annual periods beginning on or after 1 October 2006. By virtue of the
exemption in paragraph 67B of FRS 117, the impact of applying FRS 117 on the financial statements upon first adoption
of this standard as required by paragraph 30(b) of FRS 108, Accounting Policies, Changes in Accounting Estimates and
Errors is not disclosed;
(ii)
FRS 124, Related Party Disclosures – This FRS is effective for annual periods beginning on or after 1 October 2006. By
virtue of the exemption in paragraph 22A of FRS 124, the impact of applying FRS 124 on the financial statements upon
first adoption of this standard as required by paragraph 30(b) of FRS 108 is not disclosed;
(iii)
FRS 139, Financial Instruments: Recognition and Measurement – This FRS has been issued by the MASB but the MASB
has yet to announce the effective date of this standard. By virtue of the exemption in paragraph 103AB of FRS 139,
the impact of applying FRS 139 on the financial statements upon first adoption of this standard as required by paragraph
30(b) of FRS 108 is not disclosed;
(iv)
Amendment to FRS 1192004, Employee Benefits – Actuarial Gains and Losses, Group Plans and Disclosures – Certain
amendments made to FRS 1192004 are effective for annual periods beginning on or after 1 January 2007. The adoption
of these amendments does not have any significant impact on the financial statements of the Group and of the Company
in the period of initial application; and
(v)
FRS 6, Exploration for and Evaluation of Mineral Resources – This FRS is effective for annual periods beginning on or
after 1 January 2007. This standard is not applicable to the Group and the Company.
Johor Land Berhad
2006 annual report
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63
notes to the financial statements
1.
BASIS OF PREPARATION (continued)
(a)
Statement of compliance (continued)
The Group plans to apply FRS 117, FRS 124, and the Amendment to FRS 1192004 initially for the annual period beginning
1 January 2007.
The effects of adopting the new/revised FRSs in 2006 are set out in Note 27.
The financial statements were approved by the Board of Directors on 5 March 2007.
(b)
Basis of measurement
The financial statements have been prepared on the historical cost basis except for investment properties as explained in the
accounting policy note.
(c)
Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency. All financial
information are presented in RM, unless otherwise stated.
(d)
Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies
that have the most significant effect on the amounts recognised in the financial statements are described in the following notes:
Note 2r(iii) – revenue recognition on property development
Note 4
– valuation of investment properties
2.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods presented in these financial statements, and
have been applied consistently by Group entities, unless otherwise stated. Certain comparative amounts have been reclassified or
re-presented to conform to the current year’s presentation (see Note 28). In addition, the comparative financial statements have
been restated to take into account the effect of adopting FRS 132, Financial Instrument: Disclosure and Presentation.
(a)
Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities, including unincorporated entities, controlled by the Group. Control exists when the Group has
the ability to exercise its power to govern the financial and operating policies of an entity so as to obtain benefits from
its activities. In assessing control, potential voting rights that presently are exercisable are taken into account.
The financial statements of subsidiaries are included in the consolidated financial statements from the date that control
commences until the date that control ceases.
Investments in subsidiaries are stated in the Company’s balance sheet at cost less impairment losses, unless the
investment is classified as held for sale.
(ii)
Associates
Associates are entities, including unincorporated entities, in which the Group has significant influence, but not control,
over the financial and operating policies.
Associates are accounted for in the consolidated financial statements using the equity method unless it is classified as
held for sale (or included in a disposal group that is classified as held for sale). The consolidated financial statements
include the Group’s share of the income and expenses of the equity accounted associates, after adjustments to align the
accounting policies with those of the Group, from the date that significant influence commences until the date that
significant influence ceases.
64
Johor Land Berhad
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notes to the financial statements
2.
SIGNIFICANT ACCOUNTING POLICIES (continued)
(a)
Basis of consolidation (continued)
(ii) Associates (continued)
When the Group’s share of losses exceeds its interest in an equity accounted associate, the carrying amount of that
interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued
except to the extent that the Group has an obligation or has made payments on behalf of the investee.
Investments in associates are stated in the Company’s balance sheet at cost less impairment losses.
(iii) Minority interest
Minority interests at the balance sheet date, being the portion of the net assets of subsidiaries attributable to equity
interests that are not owned by the Company, whether directly or indirectly through subsidiaries, are presented in the
consolidated balance sheet and statement of changes in equity within equity, separately from equity attributable to the
equity shareholders of the Company. Minority interests in the results of the Group are presented on the face of the
consolidated income statement as an allocation of the total profit or loss for the year between minority interests and the
equity shareholders of the Company.
Where losses applicable to the minority exceed the minority’s interest in the equity of a subsidiary, the excess, and any
further losses applicable to the minority, are charged against the Group’s interest except to the extent that the minority
has a binding obligation to, and is able to, make additional investment to cover the losses. If the subsidiary subsequently
reports profits, the Group’s interest is allocated all such profits until the minority’s share of losses previously absorbed
by the Group has been recovered.
(b)
Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange
rates at the dates of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the
functional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies
that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair
value was determined. Foreign currency differences arising on retranslation are recognised in the income statement.
(ii)
Operations denominated in functional currencies other than Ringgit Malaysia
The assets and liabilities of operations in functional currencies other than RM, including goodwill and fair value
adjustments arising on acquisition, are translated to RM at exchange rates at the balance sheet date. The income and
expenses of foreign operations are translated to RM at exchange rates at the dates of the transactions.
On disposal, accumulated translation differences are recognised in the consolidated income statement as part of the gain
or loss on sale.
(c)
Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets
includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to working
condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they
are located.
When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items (major components) of property, plant and equipment.
(ii)
Reclassification to investment property
Property that is being constructed for future use as investment property is accounted for as property, plant and
equipment until construction or development is complete, at which time it is remeasured to fair value and reclassified as
investment property. Any gain or loss arising on remeasurement is recognised in the income statement.
When the use of a property changes from owner-occupied to investment property, the property is remeasured to fair
value and reclassified as investment property. Any gain arising on remeasurement is recognised directly in equity. Any
loss is recognised immediately in the income statement.
Johor Land Berhad
2006 annual report
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65
notes to the financial statements
2.
SIGNIFICANT ACCOUNTING POLICIES (continued)
(c)
Property, plant and equipment (continued)
(iii) Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item
if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be
measured reliably. The carrying amount of those parts that are replaced is derecognised. The costs of the day-to-day
servicing of property, plant and equipment are recognised in the income statement as incurred.
(iv) Depreciation
Depreciation is recognised in the income statement on a straight-line basis over the estimated useful lives of each part
of an item of property, plant and equipment. Long and short leasehold land is amortised based on straight-line basis
over the leasehold periods of 30 to 90 years respectively. Freehold land is not depreciated.
The estimated useful lives for the current and comparative periods are as follows:
Buildings
Plant and machinery
Furniture, fittings and equipment
Motor vehicles
2% – 12%
12% – 20%
20% – 25% and replacement basis
20%
The plant and machinery belonging to a subsidiary company is depreciated based on the proportion of production units
for the financial year to the units of production expected over the life of the plant and machinery.
The depreciable amount is determined after deducting the residual value.
Depreciation methods, useful lives and residual values are reassessed at the reporting date.
(d)
Leased assets
Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance
leases. Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair value and the present
value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the
accounting policy applicable to that asset.
Other leases are operating leases and, except for leasehold land classified as investment property, the leased assets are not
recognised on the Group’s balance sheet. Property interest held under an operating lease, which is held to earn rental income
or for capital appreciation or both, is classified as investment property.
(e)
Intangible assets
Goodwill
Goodwill (negative goodwill) arises on the acquisition of subsidiaries and associates. For acquisitions prior to 1 January 2006,
goodwill represents the excess of the cost of the acquisition over the Group’s interest in the fair values of the net identifiable
assets and liabilities.
With the adoption of FRS 3 beginning 1 January 2006, goodwill represents the excess of the cost of the acquisition over the
Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree.
Goodwill is allocated to cash-generating units and is tested annually for impairment or more frequently if events or changes
in circumstances indicate that it might be impaired.
In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment.
The entire carrying amount of the investment is tested for impairment when there is objective evidence of impairment.
Before adoption of FRS 3, goodwill was measured at cost less accumulated amortisation and impairment losses. Goodwill was
either written off in the year of acquisition or capitalised and amortised from the date of initial recognition over its estimated
useful life of not more than 20 years or the expected useful life, whichever is shorter. Impairment tests on goodwill were
performed when there were indications of impairment. Negative goodwill represents the excess of the fair values of the
Group’s share of identifiable net assets acquired over the acquisition cost. It was either capitalised in the year of acquisition
or capitalised and amortised to income statements evenly through the income statements over a period of five (5) years or
estimated useful life, whichever is shorter.
66
Johor Land Berhad
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notes to the financial statements
2.
SIGNIFICANT ACCOUNTING POLICIES (continued)
(e)
Intangible assets (continued)
Goodwill (continued)
Following the adoption of FRS 3, goodwill is measured at cost and is no longer amortised but tested for impairment at least
annually or more frequently when there is objective evidence of impairment. When the excess is negative (negative goodwill),
it is recognised immediately in the income statement. The effects of adopting FRS 3 are set out in Note 27.
(f)
Investments in debt and equity securities
All current investments are carried at the lower of cost and market value, determined on an aggregate portfolio basis by
category of investments.
(g)
Investment properties
Investment properties are properties which are owned or held under a leasehold interest to earn rental income or for capital
appreciation or for both. These include land held for a currently undetermined future use. Properties that are occupied by the
companies in the Group are accounted for as owner-occupied rather than as investment properties.
In the previous years, all investment property were included in property, plant and equipment stated at cost. Following the
adoption of FRS 140, Investment Property, all investment property are measured initially at cost and subsequently at fair value
with any change therein recognised in the income statement.
When an item of property, plant and equipment is transferred to investment property following a change in its use, any
difference arising at the date of transfer between the carrying amount of the item immediately prior to transfer and its fair value
is recognised directly in equity as a revaluation of property, plant and equipment. However, if a fair value gain reverses a
previous impairment loss, the gain is recognised in the income statements. Upon disposal of an investment property, any surplus
previously recorded in equity is transferred to retained earnings; the transfer is not made through the income statement.
When an item of inventory or property development is transferred to investment property following a change in its use, any
difference arising at the date of transfer between the carrying amount of the item immediately prior to the transfer and its fair
value is recognised in the income statement.
When the use of a property changes such that it is reclassified as property, plant and equipment or inventories, its fair value
at the date of reclassification becomes its cost for subsequent accounting.
An external, independent valuation company, having appropriate recognised professional qualifications and recent experience
in the location and category of property being valued, values the Group’s investment property portfolio every year. The fair
values are based on market values, being the estimated amount for which a property could be exchanged on the date of the
valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties
had each acted knowledgeably, prudently and without compulsion.
In the absence of current prices in an active market, the valuations are prepared by considering the aggregate of the estimated
cash flows expected to be received from renting out the property. A yield that reflects the specific risks inherent in the net
cash flows then is applied to the net annual cash flows to arrive at the property valuation.
Valuations reflect, where appropriate: the type of tenants actually in occupation or responsible for meeting lease commitments
or likely to be in occupation after letting vacant accommodation, and the market’s general perception of their creditworthiness;
the allocation of maintenance and insurance responsibilities between the Group and the lessee; and the remaining economic
life of the property. When rent reviews or lease renewals are pending with anticipated reversionary increases, it is assumed
that all notices and where appropriate counter-notices have been served validly and within the appropriate time.
(h)
Inventories
Inventories of completed houses are stated at the lower of cost and net realisable value. Cost is mainly determined on specific
identification basis and includes the cost of freehold/leasehold land and construction, and the appropriate development overheads.
Inventories, other than completed houses, are stated at the lower of cost (determined on the ‘first-in, first-out’ basis and the
weighted-average method) and net realisable value. The cost of raw materials, consumables and other inventories comprise
the original cost of purchase plus the cost of bringing the inventories to their present location. The costs of work-in-progress
and finished goods consist of cost of raw materials, direct labour and an appropriate proportion of the manufacturing
overheads. Net realisable value represents the estimated selling price in the ordinary course of business less selling and
distribution costs and all other estimated costs of completion and selling expenses.
Johor Land Berhad
2006 annual report
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67
notes to the financial statements
2.
SIGNIFICANT ACCOUNTING POLICIES (continued)
(i)
Property development projects
Property development projects consist of land held for future development and current development expenditure which
comprise construction and other related development costs including borrowings costs, is stated at cost less accumulated
impairment losses.
The Group and the Company consider as current asset that proportion of property development projects on which sales have
been launched and/or the project is expected to be completed within the normal operating cycle of two to three years. Cost
of property development projects classified as current assets are stated at the lower of cost and net realisable value.
When the outcome of a property development project cannot be estimated reliably, property development revenue is
recognised to the extent of property development costs incurred that is probable of recovery.
Any anticipated loss on a property development project (including costs to be incurred over the defects liability period), is
recognised as an expense immediately.
Accrued billings represent the excess of property development revenue recognised in the income statements over billings to
purchasers while progress billings represent the excess of billings to purchasers over property development revenue
recognised in the income statements.
(j)
Receivables
Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from
another entity is established.
Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.
Receivables are not held for the purpose of trading.
(k)
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments which
have an insignificant risk of changes in value. For the purpose of the cash flow statement, cash and cash equivalents are
presented net of bank overdrafts and pledged deposits.
(l)
Impairment of assets
The carrying amount of assets, other than inventories, deferred tax assets, investment properties that is measured at fair value
and financial assets (other than investments in subsidiaries and associates), are reviewed at each reporting date to determine
whether there is any indication of impairment.
If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible assets that have
indefinite useful lives or that are not yet available for use, recoverable amount is estimated at each reporting date.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount
unless the asset is carried at a revalued amount, in which case the impairment loss is recognised directly against any
revaluation surplus for the asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus
for that same asset. A cash-generating unit is the smallest identifiable asset group that generates cash flows that largely are
independent from other assets and groups. Impairment losses are recognised in the income statement. Impairment losses
recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to
the units and then to reduce the carrying amount of the other assets in the unit (groups of units) on a pro rata basis.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to
sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior
periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment
loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is
reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are
credited to the income statement in the year in which the reversals are recognised, unless it reverses an impairment loss on a
revalued asset, in which case it is credited directly to revaluation surplus. Where an impairment loss on the same revalued asset
was previously recognised in the income statement, a reversal of that impairment loss is also recognised in the income statement.
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notes to the financial statements
2.
SIGNIFICANT ACCOUNTING POLICIES (continued)
(m) Share capital
(i) Shares issue expenses
Incremental costs directly attributable to issue of shares and share options classified as equity are recognised as a
deduction from equity.
(ii)
(n)
Repurchase of share capital
When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly
attributable costs, is recognised as a deduction from equity. Repurchased shares that are not subsequently cancelled are
classified as treasury shares and are presented as a deduction from total equity.
Compound financial instruments
Compound financial instruments issued by the Group comprise convertible notes that can be converted to share capital at the
option of the holder and the number of shares to be issued does not vary with changes in their fair value.
The liability component of a compound financial instrument is recognised initially at the fair value of a similar liability that does
not have an equity conversion option. The equity component is recognised initially at the difference between the fair value of
the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction
costs are allocated to the liability and equity components in proportion to their initial carrying amounts.
Subsequent to initial recognition, the liability component of a compound financial instruments is measured at amortised cost
using the effective interest method. The equity component of a compound financial instruments is not remeasured subsequent
to initial recognition.
In the International Accounting Standards Board (“IASB”) meeting in June 2006, the IASB stressed that IAS 32 requires an
assessment of the substance of the contractual agreement. It does not, however, require or permit factors not within the
contractual arrangement to be taken into consideration in classifying a financial instrument. The IASB further confirmed that a
contractual obligation could be established explicitly or indirectly, but it must be established through the terms and conditions
of the instrument.
In view of the clarifications provided by IASB, the Company reassessed the liability component of the Convertible Unsecured
Loan Stocks (“CULS”) which resulted in a restatement as described in Note 27 to the financial statements.
(o)
Loans and borrowings
Loans and borrowings are stated at amortised cost with any difference between cost and redemption value being recognised
in the income statement over the period of the loans and borrowings using the effective interest method.
(p)
Employee benefits
Short term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are measured
on an undiscounted basis and are expensed as the related service is provided.
A provision is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group
has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and
the obligation can be estimated reliably.
The Group’s contribution to the Employee’s Provident Fund are charged to the income statements in the year to which they
relate. Once the contributions have been paid, the Group has no further payment obligations.
(q)
Payables
Payables are measured initially and subsequently at cost. Payables are recognised when there is a contractual obligation to
deliver cash or another financial asset to another entity.
Johor Land Berhad
2006 annual report
laporan tahunan
69
notes to the financial statements
2.
SIGNIFICANT ACCOUNTING POLICIES (continued)
(r)
Revenue
(i) Goods sold
Revenue from the sale of goods is measured at fair value of the consideration received or receivable, net of returns and
allowances, trade discounts and volume rebates. Revenue is recognised when the significant risks and rewards of
ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and
possible return of goods can be estimated reliably, and there is no continuing management involvement with the goods.
(ii)
Rental income
Rental income from investment property is recognised in the income statement on a straight-line basis over the term of
the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease.
(iii) Revenue from property development
Revenue from property development activities is recognised based on the stage of completion measured by reference
to surveys of work performed.
Where the financial outcome of a property development activity cannot be reliably estimated, property development
revenue is recognised only to the extent of property development costs incurred that is probable will be recoverable,
and property development costs on the development units sold are recognised as an expense in the period in which
they are incurred.
Any expected loss on a development project, including costs to be incurred over the defects liability period, is
recognised immediately in the income statement.
(iv) Dividend income
Dividend income is recognised when the right to receive payment is established.
(s)
Lease payments
Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of the
lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the
outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic
rate of interest on the remaining balance of the liability. Contingent lease payments are accounted for by revising the minimum
lease payments over the remaining term of the lease when the lease adjustment is confirmed.
(t)
Interest income and borrowing costs
Interest income is recognised as it accrues, using the effective interest method.
All borrowing costs are recognised in the income statement using the effective interest method, in the period in which they
are incurred except to the extent that they are capitalised as being directly attributable to the property development projects
which necessarily takes a substantial period of time to be prepared for its intended use or sale.
The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is
being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use
or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary
to prepare the qualifying asset for its intended use or sale are interrupted or completed.
(u)
Tax expense
Tax expense comprises current and deferred tax. Tax expense is recognised in the income statement except to the extent that
it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted
at the balance sheet date, and any adjustment to tax payable in respect of previous years.
70
Johor Land Berhad
laporan tahunan 2006 annual report
notes to the financial statements
2.
SIGNIFICANT ACCOUNTING POLICIES (continued)
(u)
Tax expense (continued)
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts
of assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for
the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a
transaction that is not a business combination and that affects neither accounting nor taxable profit (tax loss). Deferred tax is
measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws
that have been enacted or substantively enacted by the balance sheet date.
Deferred tax liability is recognised for all taxable temporary differences.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which
temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent
that it is no longer probable that the related tax benefit will be realised.
Additional taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related
dividend is recognised.
3.
(v)
Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing
the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares
outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders
and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which
comprise convertible notes.
(w)
Segment reporting
A segment is a distinguishable component of the Group that is engaged either in providing products or services (business
segment), or in providing products or services within a particular economic environment (geographical segment), which is
subject to risks and rewards that are different from those of other segments.
PROPERTY, PLANT AND EQUIPMENT
Land and
buildings
RM
Plant and
machinery
RM
Office
equipment,
furniture
and fittings
RM
7,070,569
139,286
—
1,047,289
—
—
1,112,132
205,581
(57,469)
1,848,977
145,301
—
11,078,967
490,168
(57,469)
At 31 December 2005
Effect of adopting FRS 140
7,209,855
(3,391,780)
1,047,289
—
1,260,244
—
1,994,278
—
11,511,666
(3,391,780)
At 31 December 2005, restated
Additions
Disposals
Transfer to investment properties
Written off
3,818,075
—
—
(1,256,466)
—
1,047,289
—
(62,000)
—
—
1,260,244
103,081
(28,641)
—
(54,929)
1,994,278
43,000
(101,813)
—
—
8,119,886
146,081
(192,454)
(1,256,466)
(54,929)
At 31 December 2006
2,561,609
985,289
1,279,755
1,935,465
6,762,118
Group
Cost
At 1 January 2005
Additions
Written off
Motor
vehicles
RM
Total
RM
Johor Land Berhad
2006 annual report
laporan tahunan
71
notes to the financial statements
3.
72
PROPERTY, PLANT AND EQUIPMENT (continued)
Land and
buildings
RM
Plant and
machinery
RM
Office
equipment,
furniture
and fittings
RM
Group (continued)
Depreciation
At 1 January 2005
Depreciation charge
Written off
1,125,432
271,822
—
318,920
3,324
—
713,862
191,997
(52,600)
855,063
338,467
—
3,013,277
805,610
(52,600)
At 31 December 2005
Effect of adopting FRS 140
1,397,254
(857,242)
322,244
—
853,259
—
1,193,530
—
3,766,287
(857,242)
At 31 December 2005, restated
Depreciation charge
Disposals
Transfer to investment properties
Written off
540,012
80,642
—
(329,546)
—
322,244
—
(19,080)
—
—
853,259
188,187
(25,112)
—
(46,085)
1,193,530
296,208
(74,665)
—
—
2,909,045
565,037
(118,857)
(329,546)
(46,085)
At 31 December 2006
291,108
303,164
970,249
1,415,073
2,979,594
Carrying amounts
At 31 December 2006
2,270,501
682,125
309,506
520,392
3,782,524
At 31 December 2005
3,278,063
725,045
406,985
800,748
5,210,841
Land and
buildings
RM
Office
equipment,
furniture
and fittings
RM
Motor
vehicles
RM
Total
RM
Company
Cost
At 1 January 2005
Additions
Written off
1,763,280
3,510
—
994,306
110,335
(47,711)
1,726,905
145,301
—
4,484,491
259,146
(47,711)
At 31 December 2005/1 January 2006
Additions
Written off
1,766,790
—
—
1,056,930
26,802
(9,600)
1,872,206
—
—
4,695,926
26,802
(9,600)
At 31 December 2006
1,766,790
1,074,132
1,872,206
4,713,128
Johor Land Berhad
laporan tahunan 2006 annual report
Motor
vehicles
RM
Total
RM
notes to the financial statements
3.
PROPERTY, PLANT AND EQUIPMENT (continued)
Land and
buildings
RM
Office
equipment,
furniture
and fittings
RM
Motor
vehicles
RM
Total
RM
Company (continued)
Depreciation
At 1 January 2005
Depreciation charge
Written off
129,672
15,444
—
621,029
164,745
(43,888)
782,494
319,304
—
1,533,195
499,493
(43,888)
At 31 December 2005/1 January 2006
Depreciation charge
Written off
145,116
15,444
—
741,886
161,286
(8,491)
1,101,798
286,565
—
1,988,800
463,295
(8,491)
At 31 December 2006
160,560
894,681
1,388,363
2,443,604
Carrying amounts
At 31 December 2006
1,606,230
179,451
483,843
2,269,524
At 31 December 2005
1,621,674
315,044
770,408
2,707,126
Group
Company
2006
RM
2005
RM
2006
RM
2005
RM
1,380,027
—
890,474
1,380,027
108,389
1,789,647
984,677
—
621,553
984,677
—
636,997
2,270,501
3,278,063
1,606,230
1,621,674
Carrying amounts of land and buildings
At cost
Freehold land
Short term leasehold land
Buildings
4.
INVESTMENT PROPERTIES
Group
2006
RM
2005
RM
At 1 January
Transfer from property, plant and equipment
Change in fair value
2,534,538
926,920
(276,920)
2,534,538
—
—
At 31 December
3,184,538
2,534,538
93,600
2,021,261
1,069,677
—
2,021,261
513,277
3,184,538
2,534,538
Included in the above are:
Leasehold land with unexpired lease period of:
– less than 50 years
– more than 50 years
Factory buildings
Johor Land Berhad
2006 annual report
laporan tahunan
73
notes to the financial statements
4.
INVESTMENT PROPERTIES (continued)
The Group’s investment properties were revalued in May 2006 and January 2007 respectively by independent professional qualified
valuers using an open market value method.
Investment properties comprise two pieces of leasehold land and factory buildings. One of the leasehold land and factory building
is leased to a third party, while the other piece is currently vacant. No contingent rents are charged.
5.
INVESTMENTS IN SUBSIDIARIES
Company
2006
RM
Unquoted investment – at cost
Less: Impairment loss
2005
RM
21,048,000
(1,500,000)
21,048,000
(1,500,000)
19,548,000
19,548,000
The subsidiaries, all incorporated in Malaysia are as follows:
6.
Effective
ownership
interest
2006
2005
%
%
Name of Company
Principal activities
Advance Development Sdn. Bhd.
Property developer
100
100
Pembinaan Prefab Sdn. Bhd.
Intended to be a property developer
100
100
Johor Land Manufacturing Sdn. Bhd.
Manufacturer of metal door frames and trading
of building materials
75
75
INVESTMENTS IN ASSOCIATES
Group
2006
RM
Unquoted shares in associates
At cost
Dividend received out of pre-acquisition profits
Share of post-acquisition results of associates
Company
2005
RM
2006
RM
2005
RM
45,712,420
(8,523,699)
3,275,111
45,712,420
(8,523,699)
5,092,391
45,712,420
(8,523,699)
—
45,712,420
(8,523,699)
—
40,463,832
42,281,112
37,188,721
37,188,721
Summary financial information on the associates:
Name of company
Country
incorporation
2006
Revertex (Malaysia) Sdn. Bhd.
Malaysia
Malaya Bangla Metal Fabricators
Joint Venture Company Limited
2005
Revertex (Malaysia) Sdn. Bhd.
74
Johor Land Berhad
laporan tahunan 2006 annual report
Effective
ownership
interest
(%)
Revenue
(100%)
RM’000
Profit/
(Loss)
(100%)
RM’000
Total
assets
(100%)
RM’000
Total
liabilities
(100%)
RM’000
30.07
470,200
29,904
254,529
(166,695)
Bangladesh
50.00
—
166
(123)
Malaysia
30.07
433,181
238,349
(144,530)
(232)
25,568
notes to the financial statements
6.
INVESTMENTS IN ASSOCIATES (continued)
Contingent liabilities
Group
Share of associates’ contingent liabilities incurred jointly with other investors
– Bank guarantees for trade financing to suppliers (unsecured)
7.
2006
RM’000
2005
RM’000
1,122
1,138
LAND HELD FOR FUTURE DEVELOPMENT
Group
Company
2006
RM
2005
RM
2006
RM
2005
RM
At cost
Freehold land
Long leasehold land
466,442,798
32,475,867
460,618,208
42,210,730
454,410,948
32,475,867
447,361,653
42,210,730
At 1 January
Additions
Disposal
498,918,665 502,828,938 486,886,815
2,068,027
—
2,068,027
(977,616)
(2,091,050)
(977,616)
489,572,383
—
(2,091,050)
500,009,076
500,737,888
487,977,226
487,481,333
—
—
(1,224,705)
(594,518)
—
—
—
(594,518)
468,077,902
31,931,174
466,442,798
32,475,867
456,046,052
31,931,174
454,410,948
32,475,867
500,009,076
498,918,665
487,977,226
486,886,815
Transfer to land and development expenditure
– Freehold land
– Leasehold land
At 31 December
– Freehold land
– Leasehold land
Certain land titles of the Group and of the Company with carrying amount of RM19,305,914 (2005: RM18,514,391) are registered
under the name of the holding corporation. Land titles of the Group and of the Company with carrying amount of RM351,655,144
(2005: RM365,719,175) and RM350,226,969 (2005: RM364,291,000) are in the process of being transferred to the name of the
Company. Land title of the Group and of the Company with carrying amount of RM20,026,457 (2005: RM21,010,770) are in the
process of being issued.
Security
Development lands of the Company with carrying amount of RM22,595,412 (2005: RM69,980,554) are charged to the bank as
security for borrowings as disclosed in Note 15.
Freehold land of a subsidiary consisting of 731 pieces of land with carrying value of RM2,825,961 are charged to the bank for
bridging loan facilities granted to that subsidiary as disclosed in Note 15.
8.
DEFERRED TAX ASSETS
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities attributable to the following:
Group
2006
RM
Property, plant and equipment
Convertible unsecured loan stocks
Company
2005
RM
2006
RM
2005
RM
(74,000)
15,860,251
(82,000)
15,588,251
(73,000)
15,860,251
(81,000)
15,588,251
15,786,251
15,506,251
15,787,251
15,507,251
Johor Land Berhad
2006 annual report
laporan tahunan
75
notes to the financial statements
8.
DEFERRED TAX ASSETS (continued)
Recognised deferred tax assets and liabilities (continued)
Movement in temporary differences during the year.
Group
9.
At
1 January
2005
RM
Effect of
adoption of
FRS 132
RM
At
1 January
2005
Restated
RM
Recognised
in income
statement
RM
At 31
December
2005
RM
Recognised
in income
statement
RM
At 31
December
2006
RM
Property, plant and equipment
(21,000)
—
Convertible unsecured
loan stocks
(7,501,199) 22,516,804
(21,000)
(61,000)
(82,000)
8,000
(74,000)
15,015,605
572,646
15,588,251
272,000
15,860,251
(7,522,199) 22,516,804
14,994,605
511,646
15,506,251
280,000
15,786,251
Company
Property, plant and equipment
—
—
Convertible unsecured
loan stocks
(7,501,199) 22,516,804
—
(81,000)
(81,000)
8,000
15,015,605
572,646
15,588,251
272,000
15,860,251
(7,501,199) 22,516,804
15,015,605
491,646
15,507,251
280,000
15,787,251
(73,000)
PROPERTY DEVELOPMENT PROJECTS
Property development projects comprise the following:
Group
Land
– Freehold land
– Long leasehold land
Development cost
Add: Costs incurred during the year
– Development costs
Transfer from land held for property development
Company
2006
RM
2005
RM
2006
RM
2005
RM
2,401,040
8,586,316
111,741,677
1,176,335
12,649,966
97,886,514
—
8,586,316
62,465,197
—
12,649,966
64,656,437
122,729,033
111,712,815
71,051,513
77,306,403
60,189,936
—
61,142,369
1,819,223
38,011,638
—
45,095,967
594,518
182,918,969
174,674,407
109,063,151
122,996,888
Less: Costs recognised as an expense in income statement
– Previous year
– Current year
(40,376,550)
(21,633,793)
(37,206,042)
(34,309,347)
(12,936,406)
(16,171,947)
(16,254,163)
(27,821,083)
Sub-total
Transfer to inventories
120,908,626 103,159,018
(18,847,971) (20,806,535)
79,954,798
(16,441,728)
78,921,642
(20,806,535)
63,513,070
58,115,107
102,060,655
82,352,483
The title to the long leasehold land is held in escrow by the holding corporation.
In addition, 75 pieces of freehold land in a subsidiary with carrying value of RM1,441,429 are charged to the bank for bridging
loan facilities granted to that subsidiary as disclosed in Note 15.
Included in the development cost of the Group is interest expenses capitalised during the financial year of RM269,000 (2005: NIL).
76
Johor Land Berhad
laporan tahunan 2006 annual report
notes to the financial statements
10. INVENTORIES
Group
At cost
Completed houses
Other inventories
Raw materials and consumables
Work-in-progress
Finished goods
Company
2006
RM
2005
RM
2006
RM
2005
RM
48,224,834
6,852
—
—
—
47,103,605
14,978
115,340
60,362
2,821
44,933,776
6,852
—
—
—
45,737,417
14,978
—
—
—
48,231,686
47,297,106
44,940,628
45,752,395
Certain titles of the completed houses of the Group and of the Company with carrying value amounting to RM40,493,020 (2005:
RM42,891,009) are held in escrow by the holding corporation.
11. TRADE AND OTHER RECEIVABLES
Group
Trade receivables
Progress billings receivable
Other receivables, deposits and prepayments
Due from holding corporation
Due from subsidiaries
Due from related companies
Due from associates
Company
2006
RM
2005
RM
2006
RM
2005
RM
30,981,218
1,551,335
4,943,486
563,992
—
229,773
68,211
38,347,600
—
1,018,692
872,930
—
443,092
—
26,012,901
—
4,715,732
563,992
14,687,372
229,773
—
31,645,714
—
788,750
872,930
17,081,353
443,092
—
38,338,015
40,682,314
46,209,770
50,831,839
Included in deposits of the Group is an amount of RM85,608 (2005: RM85,608) paid to a related company to acquire a piece of
land held for property development for a total consideration of RM865,079 (2005: RM865,079). The balance of the consideration
will be payable upon delivery of the land title to the subsidiary and after obtaining approval from the relevant authorities.
12. SHORT TERM INVESTMENTS
Group/Company
2006
2005
RM
RM
Quoted shares in Malaysia
At cost
Market value
176,462
114,618
210,475
110,850
Johor Land Berhad
2006 annual report
laporan tahunan
77
notes to the financial statements
13. CASH AND CASH EQUIVALENTS
Group
Fixed deposits placed with licensed banks
Cash and bank balances
Company
2006
RM
2005
RM
2006
RM
2005
RM
1,720,589
3,611,550
12,630,060
8,249,276
—
2,540,653
—
1,171,498
5,332,139
20,879,336
2,540,653
1,171,498
Included in cash and bank balances of the Group and of the Company is an amount of RM2,913,405 (2005: RM7,741,132) and
RM2,453,573 (2005: RM1,095,500), of which the utilisation is subject to the Housing Developers (Housing Development Account)
Regulations 2002.
14. CAPITAL AND RESERVES
Group/Company
2006
2005
RM
RM
Share capital
Ordinary shares of RM1.00 each:
Authorised
Issued and fully paid
500,000,000
500,000,000
122,000,000
122,000,000
Group
2006
RM
Reserves
Non-distributable
Share premium reserve
Convertible unsecured loan stocks-equity portion (Note 15)
Treasury shares
Distributable
Retained earnings
78
Johor Land Berhad
laporan tahunan 2006 annual report
Company
2005
RM
2006
RM
2005
RM
78,581,839
78,581,839
78,581,839
78,581,839
291,388,446 291,388,446 291,388,446 291,388,446
(854,774)
(760,158)
(854,774)
(760,158)
369,115,511
369,210,127
369,115,511
369,210,127
148,846,545
140,693,324
116,250,987
108,713,053
517,962,056
509,903,451
485,366,498
477,923,180
notes to the financial statements
14. CAPITAL AND RESERVES (Continued)
Share premium
Share premium arose in 1996 from the following:
Group/Company
RM
Special issue of 42,952,000 ordinary shares of RM1.00 each at RM2.20 per share
for acquisition of land and landed properties
51,542,400
Restricted public issue of 10,000,000 new ordinary shares of RM1.00 each at RM2.20 per share
to the entitled shareholders of Kulim (Malaysia) Berhad
12,000,000
Public issue of 15,000,000 new ordinary shares of RM1.00 each at RM2.20 per share
Less: Listing expenses
18,000,000
(2,960,561)
78,581,839
Treasury shares
At the Extraordinary General Meeting held on 24 May 2006, the Company’s shareholders renewed the scheme to repurchase its
own shares. The Directors of the Company are committed to enhance the value of the Company to its shareholders and believe
that the repurchase scheme can be applied in the best interest of the Company and its shareholders.
During the financial year, the Company repurchase in the open market a total of 118,800 (2005: NIL) of its issued ordinary shares.
The average repurchase price was RM0.79 (2005: NIL) per ordinary share.
The number of outstanding shares in issue after deducting treasury shares held at the financial year end is 121,048,200 (2005:
121,167,000) ordinary shares of RM1.00 each.
Treasury shares have no rights to voting, dividends and participation in any other distribution. Treasury shares shall not be taken
into account in calculating the number of percentage of shares or of a class of shares in the Company for any purposes including
substantial shareholding, take-overs, notices, the requisitioning of meetings, the quorum for a meeting and the result of a vote on
a resolution at a meeting.
None of the treasury shares has been resold or distributed as share dividends during the financial year.
Section 108 tax credit and tax exempt account
Subject to agreement by the Inland Revenue Board, the Company has sufficient Section 108 tax credit and tax exempt account to
frank the payment of dividends out of its entire distributable reserves at 31 December 2006.
15. LOANS AND BORROWINGS
This note provides information about the contractual terms of the Group’s and the Company’s interest-bearing loans and borrowings.
For more information about the Group’s and the Company’s exposure to interest rate risk, see Note 24.
Group
Non-current
Secured
Finance lease liabilities
Bridging loan
Unsecured
Convertible Unsecured Loan Stocks (“CULS”)
Company
2006
RM
2005
RM
2006
RM
2005
RM
—
8,680,000
69,202
—
—
—
59,987
—
8,680,000
69,202
—
59,987
52,462,084
53,417,080
52,462,084
53,417,080
61,142,084
53,486,282
52,462,084
53,477,067
Johor Land Berhad
2006 annual report
laporan tahunan
79
notes to the financial statements
15. LOANS AND BORROWINGS (continued)
Group
Current
Secured
Bank overdraft
Finance lease liabilities
Unsecured
Bank overdrafts
Revolving credit
Company
2006
RM
2005
RM
2006
RM
2005
RM
11,457,117
59,737
—
275,000
11,457,117
59,737
—
259,200
11,516,854
275,000
11,516,854
259,200
19,995,386
9,061,444
37,415,483
9,045,030
19,995,386
5,061,444
37,415,483
5,045,030
29,056,830
46,460,513
25,056,830
42,460,513
40,573,684
46,735,513
36,573,684
42,719,713
101,715,768
100,221,795
89,035,768
96,196,780
Security
The bridging loan of a subsidiary is secured over 806 pieces of freehold land of that subsidiary with carrying amount of RM4,267,390.
Certain bank overdrafts facilities of the Company are secured by way of fixed charge on a freehold land of the Company and a
corporate guarantee by the holding corporation.
Terms and debt repayment schedule
Group
2006
Revolving credits
Bank overdrafts
Finance lease liabilities
CULS
Bridging loan
2005
Revolving credits
Bank overdrafts
Finance lease liabilities
CULS
80
Johor Land Berhad
laporan tahunan 2006 annual report
Year of
maturity
2007
2009
2010
2007
2009
Carrying
amount
RM’000
Under 1
year
RM’000
1 – 2
years
RM’000
2 – 5
years
RM’000
9,061
31,453
60
52,462
8,680
9,061
31,453
60
—
—
—
—
—
—
—
—
—
—
52,462
8,680
101,716
40,574
—
61,142
9,045
37,415
344
53,417
9,045
37,415
275
—
—
—
69
—
—
—
—
53,417
100,221
46,735
69
53,417
notes to the financial statements
15. LOANS AND BORROWINGS (continued)
Terms and debt repayment schedule
Company
2006
Revolving credits
Bank overdrafts
Finance lease liabilities
CULS
2005
Revolving credits
Bank overdrafts
Finance lease liabilities
CULS
Year of
maturity
2007
2009
2007
2009
Carrying
amount
RM’000
Under 1
year
RM’000
1 – 2
years
RM’000
2 – 5
years
RM’000
5,061
31,453
60
52,462
5,061
31,453
60
—
—
—
—
—
—
—
—
52,462
89,036
36,574
—
52,462
5,045
37,415
319
53,417
5,045
37,415
259
—
—
—
60
—
—
—
—
53,417
96,196
42,719
60
53,417
Convertible unsecured loan stocks
Group/Company
2006
2005
RM
RM
At 1 January/31 December
330,000,000
330,000,000
The movement of the liability component of the CULS during the year is as follows:
Group/Company
2006
2005
RM
RM
At 1 January
Interest accrued
Interest charged
53,417,080
3,068,292
(4,023,288)
53,627,159
3,080,880
(3,290,959)
At 31 December
52,462,084
53,417,080
On 15 December 2004, the Company issued 330,000,000 five (5) years Convertible Unsecured Loan Stocks (“CULS”) at nominal
value RM1.00 each as part of purchase consideration for the acquisition of freehold agricultural land zoned for development located
at Mukim of Tebrau, Johor Bahru from its holding corporation.
Johor Land Berhad
2006 annual report
laporan tahunan
81
notes to the financial statements
15. LOANS AND BORROWINGS (continued)
Convertible unsecured loan stocks (continued)
The salient features of the CULS are as follows:
(a)
The total issuance is RM330 million.
(b)
The interest rate of CULS is as follows (less any Malaysian income or with holding tax applicable thereto which is required to
be deducted):
Period (from issue date)
Interest rate per annum
First 24 months (Year 1 and 2)
Next 36 months (Year 3, 4 and 5)
1%
6%
The interest rate is payable annually in arrears on the last day of every 12 months period commencing from the issue date,
15 December 2004 until the maturity date, 15 December 2009 (‘Interest Payment Date’), calculated on the basis of a year
of 365 days and on the actual number of days elapsed and accrues daily from and including the issue date or the previous
Interest Payment Date.
(c)
The CULS are redeemable in full or in part at their nominal value, at the option of the Company which will be determined by
the independent Directors of the Company. The redemption will be dependent on inter-alia, the availability of profits and cash
flows of the Company.
(d)
The conversion of the CULS into new ordinary shares of RM1.00 each of the Company at a conversion price of RM1.00 per
share is at the option of the CULS holder and may take place at any time after the second anniversary from the date of issue
of the CULS until the maturity date.
(e)
The remaining CULS not redeemed or converted on maturity date will be automatically converted into ordinary shares.
(f)
The CULS will not be listed on the Bursa Malaysia Securities Berhad or any other stock exchange.
The CULS have been classified separately into their components parts as liability or as equity on the balance sheet in accordance
with FRS 1322004, Financial Instruments: Disclosure and Presentation. The fair value of the liability component calculated using a
prevailing market interest rate at the date of issuance for a similar non-convertible loan stock. The residual amount, representing
the fair value of the equity component, including deferred tax asset, is included in shareholders’ equity.
16. TRADE AND OTHER PAYABLES
Group
Trade payables
Other payables and accrued expenses
Due to holding corporation
Due to a subsidiaries
Due to related companies
82
Johor Land Berhad
laporan tahunan 2006 annual report
Company
2006
RM
2005
RM
2006
RM
2005
RM
9,147,642
5,837,852
185,596
—
209,377
8,066,005
13,409,145
683,882
—
110,874
9,143,814
5,634,970
175,896
8,501,100
209,377
8,628,622
12,294,065
166,802
16,500
110,874
15,380,467
22,269,906
23,665,157
21,216,863
notes to the financial statements
17. REVENUE
Group
Property development
Sales of land
Sales of goods
Management fee
Rental income
Dividend income
Company
2006
RM
2005
RM
2006
RM
2005
RM
55,390,063
14,830,531
3,049,805
180,849
1,209,005
—
69,404,689
14,916,630
3,412,479
277,186
772,173
—
44,053,698
14,830,531
2,824,033
737,477
1,209,005
15,034,965
56,041,347
14,916,630
2,613,136
531,222
772,173
13,637,168
74,660,253
88,783,157
78,689,709
88,511,676
18. FINANCE COSTS
Group
CULS
Bank overdrafts
Other borrowings
Company
2006
RM
2005
RM
2006
RM
2005
RM
3,068,292
2,498,995
501,203
3,080,880
1,996,394
538,823
3,068,292
2,498,995
291,497
3,080,880
1,996,394
373,695
6,068,490
5,616,097
5,858,784
5,450,969
19. OPERATING PROFIT
Group
Operating profit is arrived at after charging/(crediting)
Audit fees
Allowance for doubtful debts
Bad debts written off
Change in fair value on investments properties
Depreciation
Directors’
– Fees
– Contributions to Employee Provident Fund
– Other remuneration
Property, plant and equipment written off
Personnel expenses (excluding Directors’ remuneration):
– Contributions to Employee Provident Fund
– Wages, salaries and others
Rental expenses
(Gain)/Loss on disposal:
– Property, plant and equipment
– Quoted shares in Malaysia
– Associate
Impairment losses:
– Property, plant and equipment
– Subsidiary
Gross dividends from quoted shares in Malaysia
Rental income
Company
2006
RM
2005
RM
2006
RM
2005
RM
89,000
27,538
30,961
276,920
565,037
89,000
—
—
—
805,610
70,000
—
—
—
463,295
70,000
—
—
—
499,493
217,000
38,297
431,645
8,844
189,400
41,472
450,232
4,869
217,000
38,297
431,645
1,109
189,400
41,472
450,232
3,823
638,223
5,397,867
558,732
603,432
4,601,253
517,685
633,480
5,357,514
558,732
585,050
4,410,544
517,685
14,159
(3,018)
—
—
(12,612)
1,623,786
—
(3,018)
—
—
(12,612)
—
—
—
(2,371)
(1,401,005)
(1,065,754)
—
(5,641)
(913,173)
—
—
(2,371)
(1,209,005)
—
1,500,000
(5,641)
(772,173)
The estimated monetary value of Directors’ benefits-in-kind of the Group and of the Company are RM51,044 (2005: RM52,430).
Johor Land Berhad
2006 annual report
laporan tahunan
83
notes to the financial statements
20. TAX EXPENSE
Group
Tax expense
– Current year
– (Over)/Underprovision in prior years
Deferred tax income
– Reversal of temporary differences
Company
2006
RM
2005
RM
5,024,951
(321,432)
6,259,075
57,743
7,960,000
(326,388)
8,304,618
48,602
4,703,519
6,316,818
7,633,612
8,353,220
(280,000)
(511,646)
2006
RM
(280,000)
2005
RM
(491,646)
4,423,519
2,335,537
5,805,172
3,042,170
7,353,612
—
7,861,574
—
6,759,056
8,847,342
7,353,612
7,861,574
RM’000
Group
RM’000
RM’000
Company
RM’000
Reconciliation of effective tax expense
Profit for the year
Total tax expense
17,675
6,759
16,455
8,847
17,132
7,354
14,722
7,862
Profit excluding tax
24,434
25,302
24,486
22,584
Share of tax of equity accounted associates
Tax calculated using Malaysian tax rate of 28% (2005: 28%)
Non deductible expenses
Effect of change in tax rate*
Difference in effective tax rate of equity accounted associates
Effect of unrecognised deferred tax
Others
6,842
338
532
(830)
225
(27)
7,085
1,704
—
—
—
—
6,856
292
532
—
—
—
6,324
1,489
—
—
—
—
(Over)/Under provision in prior years
7,080
(321)
8,789
58
7,680
(326)
7,813
49
Tax expense
6,759
8,847
7,354
7,862
* In the Malaysian Budget 2007, it was announced that the corporate income tax rate will be reduced to 27% in 2007 and to 26%
in 2008. Consequently deferred tax assets and liabilities are measured using these tax rates.
84
Johor Land Berhad
laporan tahunan 2006 annual report
notes to the financial statements
21. EARNINGS PER SHARE
Basic earnings per share
The calculation of basic earnings per share at 31 December 2006 was based on the profit attributable to ordinary shareholders
and a weighted average number of ordinary shares outstanding calculated as follows:
Group
Profit attributable to ordinary shareholders
2006
RM
2005
RM
17,747,702
16,567,113
Numbers
Numbers
Weighted average number of ordinary shares
Number of shares in issue at beginning of year
Effect of treasury shares held
122,000,000 122,000,000
(908,634)
(833,000)
Weighted average number of ordinary shares in issue
121,091,366
121,167,000
14.66
13.67
Basis earnings per share (sen)
Diluted earnings per share
The calculation of diluted earnings per share at 31 December 2006 was based on profit attributable to ordinary shareholders and
a weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares,
calculated as follows:
Group
2006
2005
RM
RM
Profit attributable to ordinary shareholders
Add: Assuming savings in interest expense on CULS, net of tax
17,747,702
2,209,170
16,567,113
2,218,234
Adjusted net profit for calculating diluted earnings per ordinary share
19,956,872
18,785,347
Numbers
Numbers
Weighted average number of ordinary shares
Assuming full conversion of CULS as at the date of issue
(which are convertible only on or after 16 December 2006)
121,091,366
121,167,000
330,000,000
330,000,000
Weighted average number of ordinary shares (diluted) at 31 December
451,091,366
451,167,000
4.42
4.16
Diluted earnings per share (sen)
Johor Land Berhad
2006 annual report
laporan tahunan
85
notes to the financial statements
22. DIVIDENDS
Dividends recognised in the current year by the Company are:
Sen
per share
2006
2005 – Interim
2005 – Final
2006 – Interim
4
3
4
Total amount
2005
2004 – Final
Total
amount
RM
3,489,610
2,618,685
3,486,186
Date of payment
21 April 2006
30 June 2006
21 December 2006
9,594,481
4
3,489,610
17 June 2005
23. CAPITAL AND OTHER COMMITMENTS
Group
Lease rental commitment
Contracted but not provided for
– One year or later and no later than 5 years
2006
RM
2005
RM
—
509,568
On 28 December 2006, the Company entered into a development agreement with its holding corporation, Johor Corporation, to
acquire the development rights to develop on 3 parcels of lands of 40.29 acres with an existing sports complex erected thereon
for a consideration of RM33 million. The Company had paid RM3.3 million upon execution of the development agreement.
24. FINANCIAL INSTRUMENTS
Financial risk management objectives and policies
Exposure to credit, interest rate, liquidity and cash flow risks arise in the normal course of the Group’s and of the Company’s
business. The Group and the Company have formulated a financial risk management framework whose principal objective is to
minimise the Group’s and the Company’s exposure to risks and/or costs associated with the financing, investing and operating
activities of the Group and of the Company.
Credit risks
At balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented
by the carrying amount of each financial asset in the balance sheet.
Liquidity risk
The Group and the Company monitors and maintains a level of cash and cash equivalents deemed adequate by management to
finance the operations and to mitigate the effects of fluctuation in cash flow.
Cash flow risk
The Group and the Company review their cash flow position regularly to manage their exposure to fluctuations in future cash flows
associated with their monetary financial instruments.
86
Johor Land Berhad
laporan tahunan 2006 annual report
notes to the financial statements
24. FINANCIAL INSTRUMENTS (continued)
Interest rate risk
The Group’s and the Company’s investment in fixed-rate debt securities and its fixed rate borrowings are exposed to a risk of change
in their fair value due to changes in interest rates. The Group’s and Company’s investments in variable-rate borrowings are exposed
to a risk of change in cash flows due to changes in interest rates. Investments in equity securities and short term receivables and
payables are not exposed to interest rate risk.
There is no formal hedging policy with respect to interest rate exposure. Exposure to interest rate risk is monitored on an ongoing
basis and the Group and the Company endeavour to keep the exposure at an acceptable level.
Interest expense on the CULS is calculated on the effective yield basis by applying the effective interest rate 5.745% (2005: 5.745%)
for an equivalent non-convertible loan stock to liability component of the CULS.
Effective interest rate and repricing analysis
In respect of interest-earning financial assets and interest-bearing financial liabilities, the following table indicates their average
effective interest rates at the balance sheet date and the periods in which they mature, or if earlier, reprice.
Group
2006
Fixed rate instruments
CULS – liability
Bridging loan
Deposits with a licensed bank
Floating rate instruments
Bank overdrafts
Revolving credits
2005
Fixed rate instruments
CULS – liability
Deposits with a licensed bank
Floating rate instruments
Bank overdrafts
Revolving credits
Average effective
interest rate
%
Total
RM’000
5.7
7.3
2.6
7.8
4.0-5.9
5.7
3.8
6.7
4.0-4.6
Less than
1 year
RM’000
1 – 2
years
RM’000
2 – 3
years
RM’000
4 – 5
years
RM’000
(52,462)
(8,680)
1,721
—
—
1,721
—
—
—
(52,462)
—
—
—
(8,680)
—
(59,421)
1,721
—
(52,462)
(8,680)
(31,452)
(9,061)
(31,452)
(9,061)
—
—
—
—
—
—
(40,513)
(40,513)
—
—
—
(53,417)
12,630
—
12,630
—
—
(53,417)
—
—
—
(40,787)
12,630
—
(53,417)
—
(37,415)
(9,045)
(37,415)
(9,045)
—
—
—
—
—
—
(46,460)
(46,460)
—
—
—
Johor Land Berhad
2006 annual report
laporan tahunan
87
notes to the financial statements
24. FINANCIAL INSTRUMENTS (continued)
Effective interest rate and repricing analysis (continued)
Company
Average effective
interest rate
%
Total
RM’000
5.7
(52,462)
7.8
5.7-5.9
(31,453)
(5,061)
(31,453)
(5,061)
(36,514)
(36,514)
2006
Fixed rate instruments
CULS – liability
Floating rate instruments
Bank overdrafts
Revolving credits
Less than
1 year
RM’000
1 – 2
years
RM’000
—
—
2 – 3
years
RM’000
4 – 5
years
RM’000
(52,462)
—
—
—
—
—
2005
Fixed rate instruments
CULS – liability
5.7
(53,417)
—
—
(53,417)
—
Floating rate instruments
Bank overdrafts
Revolving credits
6.9
4.6
(37,415)
(5,045)
(37,415)
(5,045)
—
—
—
—
—
—
(42,460)
(42,460)
—
—
—
Fair values
Recognised financial instruments
The carrying amounts of current financial assets and liabilities approximate their fair values due to the relatively short term nature
of these financial instruments.
The Company provides financial guarantees to bank for credit facility extended to a subsidiary. The fair value of such financial
guarantee is not expected to be material as the probability of the subsidiary defaulting on the credit line is remote.
The fair value of other financial assets and liabilities, together with the carrying amounts shown in the balance sheets, are as follows:
2006
Carrying
amount
RM’000
Short term investment in quoted shares
Bridging loan
CULS – liability
176
(8,680)
(52,462)
2005
Fair
value
RM’000
210
(8,680)
(52,462)
Carrying
amount
RM’000
Fair
value
RM’000
115
—
(53,417)
111
—
(53,417)
Estimation of fair values
The following summarises the methods used in determining the fair values of financial instruments reflected in the table.
Fair value of quoted shares is based on quoted market prices at the balance sheet date without any deduction for transaction costs.
The carrying amount of the bridging loan approximates its fair values as the effective interest rate is comparable to the movements
in the market interest rate and there is no material change in the interest charged on similar kind of borrowings in the market.
The carrying amount of convertible unsecured loan stocks approximates its fair value as the instrument is calculated using a
prevailing market rate at the date of issuance for a similar convertible loan stocks.
88
Johor Land Berhad
laporan tahunan 2006 annual report
notes to the financial statements
25. RELATED PARTIES
Controlling related party relationships are as follows:
(i)
Subsidiaries as disclosed in Note 5.
Significant related party transactions of the Group and of the Company other than those disclosed elsewhere in the financial
statements are as follows:
Group
Company
2006
2005
2006
2005
RM’000
RM’000
RM’000
RM’000
OTHER RELATED PARTY TRANSACTIONS
Holding corporation
Interest expense on CULS
Services acquired
Services rendered
4,023
110
30
3,291
93
67
4,023
100
30
3,291
80
67
—
—
—
—
—
—
638
22
89
306
—
180
2,824
349
2,613
332
2,824
349
2,613
332
24
12
24
12
517
10
492
2
517
10
492
2
15
16
15
15
1,027
683
1,027
683
Pro Communication Sdn. Bhd.
Services acquired
39
171
39
171
Johor Silica Industries Sdn. Bhd.
Services rendered
24
24
24
24
Pro Office Solution Sdn. Bhd.
Annual report expenses
51
—
51
—
Subsidiaries
Services rendered
Sales commission income
Purchase of building materials
RELATED COMPANIES
– Kulim (Malaysia) Berhad
Sales of finished goods
Services acquired
Johor Land (H) Sdn. Bhd.
Services rendered
Damansara Asset Sdn. Bhd.
(formerly known as Harta Consult Sdn. Bhd.)
Rental expenses
Services acquired
Willis (Malaysia) Sdn. Bhd.
Agency fees expenses
Teraju Fokus Sdn. Bhd.
Security service acquired
Johor Land Berhad
2006 annual report
laporan tahunan
89
notes to the financial statements
25. RELATED PARTIES (continued)
(i)
Subsidiaries as disclosed in Note 5.
Significant related party transactions of the Group and of the Company other than those disclosed elsewhere in the financial
statements are as follows (continued):
Group
Company
2006
2005
2006
2005
RM’000
RM’000
RM’000
RM’000
RELATED COMPANIES (continued)
Pro Corporate Management Services Sdn. Bhd.
Registrar fees expenses
Associate
– Malaya Bangla Metal Fabricators
Joint Venture Company Limited
Sale of materials
Dato’ Hj. Hassan bin Hj. Mohd. Yunos, a Director
Professional fees paid to a firm in which he is a partner
98
—
98
—
112
—
—
—
13
—
13
—
These transactions have been entered into in the normal course of business and have been established under negotiated terms.
26. SEGMENT REPORTING
There is no segment information presented as the Group is primarily engaged in housing development activities and operates
principally in Malaysia.
27. EFFECT OF ADOPTION OF NEW FINANCIAL REPORTING STANDARDS
The accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended 31 December 2006.
The effect of the adoption of FRS 3 Business Combinations, FRS 136 Impairment of Assets, FRS 138 Intangible Assets, FRS 140
Investment Property, FRS 127 Consolidated and Separate Financial Statements and FRS 132 Financial Instruments: Disclosures and
Presentation are summarised as follows:-
FRS 3 Business Combinations, FRS 136 Impairment of Assets, FRS 138 Intangible Assets
The adoption of FRS 3, FRS 136 and FRS 138 has resulted in a change in the accounting policy for goodwill. The change in
accounting policy is made in accordance with their transitional provisions.
Goodwill is stated at cost less accumulated impairment losses and is no longer amortised. Instead, goodwill impairment is tested
annually, or when circumstances change, indicating that goodwill might be impaired. This has resulted in the cessation of
amortisation of goodwill with effect from 1 January 2006.
Had there not been a change in accounting policy, the net profit attributable to shareholders for the financial year ended
31 December 2006 would reduce by RM1,019,100.
This change in accounting policy has no material impact on earnings per share.
FRS 140, Investment Properties
The Group now measures all investment properties at fair value with any change therein recognised in the income statement.
In accordance with the transitional provisions, FRS 140 has been applied retrospectively and the comparatives have been restated.
The adoption of this accounting policy is made in accordance with their transitional provisions.
The change in accounting policy has no material impact on the earnings per share.
90
Johor Land Berhad
laporan tahunan 2006 annual report
notes to the financial statements
27. EFFECT OF ADOPTION OF NEW FINANCIAL REPORTING STANDARDS (continued)
FRS 127, Consolidated and Separate Financial Statements
The adoption of FRS 127 has resulted in a change in the accounting policy for investment in subsidiaries.
Investment in subsidiaries is stated at cost instead of at valuation. This has resulted in the reversal of revaluation surplus arising
from revaluation of investment in subsidiaries retrospectively and the comparative have been restated.
This change in accounting policy has no material impact on the earnings per share.
Balance sheet at 31 December
Investment in subsidiaries
Cumulative decrease in retained earnings
2006
RM’000
2005
RM’000
Restated
19,548
5,000
19,548
5,000
This change in accounting policy has no impact on earnings per share.
FRS 132, Financial Instruments: Disclosure and Presentation
In the International Accounting Standards Board (“IASB”) meeting in June 2006, the IASB stressed that IAS 32 required an
assessment of the substance of the contractual agreement. It does not, however, require or permit factors not within the contractual
arrangement to be taken into consideration in classifying a financial instrument. The IASB further confirmed that a contractual
obligation could be established explicitly or indirectly, but it must be established through the terms and conditions of the instrument.
In view of the clarifications provided by IASB, the Company reassessed the liability component of the CULS which resulted in a
restatement of financial statements.
The restatement had the following impact on these consolidated financial statements:
Income statement for the year ended 31 December
2006
RM’000
Decrease in interest expense
Increase in tax expense
Increase in profit attributable to shareholders
15,163
(4,246)
10,917
2005
RM’000
8,902*
(4,014)
4,887
* Total interest expense for the year was RM14.338 million, out of which RM5.436 million was capitalised to property development
projects.
Balance sheet at 31 December
Cumulative decrease in CULS liability
Cumulative increase in CULS equity
Cumulative increase in deferred tax assets
Cumulative decrease in deferred tax liabilities
Cumulative increase in property development projects
2006
RM’000
2005
RM’000
(264,876)
272,100
(263,921)
272,100
15,441
(2,996)
(5,436)
15,507
(2,996)
(5,436)
2006
RM
2005
RM
9.02
0.00
4.03
0.07
Earnings per share
Increase in basic earning per share
Decrease in diluted earning per share
Johor Land Berhad
2006 annual report
laporan tahunan
91
notes to the financial statements
28. COMPARATIVE FIGURES
Certain comparative figures have been reclassified as a result of adoption of new Financial Reporting Standards as stated in note
27 and to conform with the presentation requirements of FRS 101.
Group
Balance sheets
Investments in subsidiaries
Property development projects
CULS – liability
CULS – equity
Revaluation reserve
Retained earnings
Deferred tax assets
Deferred tax liabilities
Income statements
Finance costs
Tax expense
Profit before tax
Profit after tax
Statement of changes in equity
Retained earnings at 1 January 2005
Retained earnings at 31 December 2005
Revaluation reserve at 1 January 2005
Revaluation reserve at 31 December 2005
Earnings per share
– Basic
– Diluted
Company
As
restated
RM
As
previously
stated
RM
As
restated
RM
As
previously
stated
RM
—
82,352,483
53,417,080
291,388,446
—
140,693,324
15,506,251
—
—
87,788,664
317,338,460
19,288,797
—
135,805,760
—
2,995,763
19,548,000
58,115,107
53,417,080
291,388,446
—
108,713,053
15,507,251
—
27,078,027
63,551,288
317,338,460
19,288,797
2,530,027
108,825,489
—
2,994,763
5,616,097
5,805,172
22,260,712
16,455,540
14,518,451
4,832,554
16,400,528
11,567,974
5,450,969
7,861,574
22,584,447
14,722,873
14,353,323
3,846,784
13,682,093
9,835,309
—
140,693,324
—
—
—
135,805,760
—
—
97,479,790
108,713,053
—
—
102,479,790
108,825,489
2,530,027
2,530,027
13.67
4.16
9.64
4.23
—
—
—
—
Following the adoption of FRS 3, Business Combinations, minority interest was reclassified into equity, likewise in arriving at profit
for the year minority interest was not deducted.
Properties amounting to RM2,534,538 in 2005 that are owned or held under a leasehold interest to earn rental income or for
capital appreciation or for both were reclassified from property, plant and equipment to investment properties.
92
Johor Land Berhad
laporan tahunan 2006 annual report
location of land bank and projects
LAND BANK
PROJECT
SEGAMAT
Endau
Tangkak
MERSING
Yong Peng
MUAR
Jemaluang
KLUANG
PAGOH LAND
55.65 acres
Air Hitam
Simpang
Renggam
BATU PAHAT
Sedili
Kulai
BANDAR DATO’ ONN
1,434.76 acres
Benut
BANDAR TIRAM
1,141.69 acres
KOTA TINGGI
TAMAN KOMERSIL
SENAI
PEKAN RABU
MEDAN KOTA
GREEN
PLAINS
TAMAN BUKIT
TIRAM
PONTIAN
Ulu Tiram
TAMAN CENDANA
JOHOR
BAHRU
PASIR
GUDANG
TAMAN
SEROJA
Desaru
VACANT
FACTORY LAND
1.89 acres
TAMAN
MAWAR
TAMAN BUKIT
DAHLIA
206.86 acres
INDERAPUTRA
LAND
0.84 acres
TEBRAU
BUSINESS
PARK
Johor Land Berhad
2006 annual report
laporan tahunan
93
list of properties
Revaluation of land and buildings will be carried out only if there intended for sales or when market value have change materially. Details
of the landed properties owned by the JLand Group as at 31 December 2006 are as follows:-
Title/Location
Tenure/Approx.
age of building
Existing use
Land area/
Built-up area
Net book
value as at
31.12.2006
RM’000
Acquisition
Date
2,535
1999
A. FIXED ASSETS
PPSB Factory Building
PTD 148262 HS(D) 303855
Mukim of Plentong
District of Johor Bahru
(Owned by PPSB)
PTD 110891 HS(D) 212054
Mukim of Plentong
District of Johor Bahru
(Owned by PPSB)
Bungalow lot at Green Plains
PTD 57050 HS(D) 187333
Mukim of Tebrau
District of Johor Bahru
PTD 57049 HS(D) 187332
Mukim of Tebrau
District of Johor Bahru
(Owned by ADSB)
Bungalow lot at Taman Bertam
Lot 4429 – 4431
HS(D)1664 – 1666
Mukim 6, Seberang Prai Utara
Penang
Lot 4453 – 4454
HS(D) 5824 – 5825
Mukim 6, Seberang Prai Utara
Penang
Shophouse at Taman Bintang
PTD 22925 HS(D) 13369
Mukim of Senai-Kulai
District of Johor Bahru
60 years lease
Expiring on
18.5.2060/8 years
Factory building
12,140.47 sq metres
1,268.50 sq metres
60 years lease
Expiring on
27.6.2053/12 years
Factory building
2,559.00 sq metres
1,004.00 sq metres
650
2006
Freehold/12 years
Double storey
bungalow
4,411.07 sq metres
400.00 sq metres
904
1998
Freehold/12 years
Double storey
bungalow
4,822.60 sq metres
357.24 sq metres
665
2003
Freehold
3 vacant
bungalow lots
2,222.00 sq metres
294
1995
Freehold
2 vacant
bungalow lots
1,482.00 sq metres
202
2004
Freehold/10 years
Double storey
shophouse
143.00 sq metres
272.00 sq metres
206
1995
Freehold
Oil palm estate
106.97 acres
13,973
2001
Freehold
Oil palm estate
76.64 acres
6,128
1995
B. FUTURE DEVELOPMENT
Bandar Tiram (Phase 1)
Lot 169 G 15799
Mukim of Tebrau
Lot 825 – 831 EMR 412 – 418
Mukim of Plentong
District of Johor Bahru
Bandar Tiram (Phase 2)
PTD 113308 – 113435
HS(D) 375296 – 375423
Mukim of Tebrau
District of Johor Bahru
94
Johor Land Berhad
laporan tahunan 2006 annual report
list of properties
Existing use
Land area/
Built-up area
Net book
value as at
31.12.2006
RM’000
Freehold
Oil palm estate
572.49 acres
45,778
1995
PTD 105769 HS(D) 354249 &
PTD 105770 HS(D) 354250
Mukim of Tebrau
District of Johor Bahru
(Owned by ADSB)
Freehold
Oil palm estate
71.05 acres
3,150
1995
PTD 14616 – 14618
HS(D) 62950 – 62952
Mukim of Tebrau
District of Johor Bahru
(Owned by ADSB)
Freehold
Oil palm estate
99.58 acres
4,615
1995
Freehold
Oil palm estate
97.31 acres
7,782
1995
Freehold
Oil palm estate
117.65 acres
9,408
1995
Freehold
Mixed housing
development
27.43 acres
2,434
1995
Title/Location
Tenure/Approx.
age of building
Acquisition
Date
B. FUTURE DEVELOPMENT (cont’d.)
Bandar Tiram (Phase 3)
PTD 105766 HS(D) 354246 &
PTD 105767 HS(D) 354247
Mukim of Tebrau
District of Johor Bahru
Bandar Tiram (Phase 4)
PTD 105768 HS(D) 354248
Mukim of Tebrau
District of Johor Bahru
Bandar Tiram (Phase 5)
Lot 12 CT 556, Lot 14 CT 557
Lot 18 CT 561
Lot 860 CT 562
Lot 2016 CT 567
Part of Lot 1176 CT 565 &
Part of Lot 1182 CT 566
Mukim of Kota Tinggi
District of Kota Tinggi
Taman Bukit Tiram (Phase 2)
PTD 84650 – 84680
HS(D) 307056 – 307086,
PTD 84697 – 84741
HS(D) 307103 – 307147,
PTD 84744 – 84821
HS(D) 307148 – 307225,
PTD 84824 – 84933
HS(D) 307226 – 307335,
PTD 84935 – 85077
HS(D) 307336 – 307478,
PTD 85080 – 85139
HS(D) 307479 – 307538,
PTD 85141 HS(D) 307539
PTD 85274 – 85442
HS(D) 307672 – 307840,
PTD 85444 – 85453
HS(D) 307841 – 307850 &
PTD 85455 – 85533
HS(D) 307851 – 307929,
Mukim of Tebrau
District of Johor Bahru
(Owned by ADSB)
Johor Land Berhad
2006 annual report
laporan tahunan
95
list of properties
Title/Location
Tenure/Approx.
age of building
Existing use
Land area/
Built-up area
Net book
value as at
31.12.2006
RM’000
Acquisition
Date
B. FUTURE DEVELOPMENT (cont’d.)
Taman Bukit Tiram (Phase 3)
PTD 88267 – 88273
HS(D) 302582 – 302588
Mukim of Tebrau
District of Johor Bahru
(Owned by ADSB)
Freehold
7 vacant
bungalow lots
3.37 acres
405
1995
PTD 130271 – 130297
HS(D) 401455 – 401481
Mukim of Tebrau
District of Johor Bahru
(Owned by ADSB)
Freehold
Mixed housing
development
4.30 acres
443
1995
PTD 138183 – 138387
HS(D) 427149 – 427350
PTD 138421 – 238443
HS(D) 427379 – 427401
Mukim of Tebrau
District of Johor Bahru
(Owned by ADSB)
Freehold
Mixed housing
development
5.04 acres
520
1995
Development land
Mukim of Tebrau
District of Johor Bahru
(Owned by ADSB)
Freehold
(Land title is
yet to be issued)
Commercial
development
4.51 acres
465
1995
99 years lease
Expiring on
2.6.2100
Mixed housing
development
19.50 acres
4,451
1995
Taman Bukit Dahlia (Block A)
PTD 155670 – 155715
HS(D) 317563 – 317609,
PTD 156278 – 156289
HS(D) 318171 – 318182
PTD 156312 – 156335
HS(D) 318205 – 318228
PTD 156358 – 156381
HS(D) 318251 – 318273
PTD 156404 – 156415
HS(D) 318296 – 318307
PTD 156290 – 156311
HS(D) 318183 – 318204,
PTD 156336 – 156357
HS(D) 318229 – 318250,
PTD 156382 – 156403
HS(D) 318274 – 318295,
PTD 156446 – 156473
HS(D) 318337 – 318364,
PTD 156532 – 156559
HS(D) 318935 – 318962,
PTD 156417 – 156445
HS(D) 318308 – 318336,
PTD 156474 – 156500
HS(D) 318365 – 318391,
PTD 156501 – 156531
HS(D) 318904 – 318934
PTD 156560 – 156588
96
Johor Land Berhad
laporan tahunan 2006 annual report
list of properties
Title/Location
Tenure/Approx.
age of building
Existing use
Land area/
Built-up area
Net book
value as at
31.12.2006
RM’000
Acquisition
Date
B. FUTURE DEVELOPMENT (cont’d.)
Taman Bukit Dahlia (Block A)
(cont’d.)
HS(D) 318963 – 318991
PTD 190546 – 190639
HS(D) 436699 – 436792
PTD 190641 – 190652
HS(D) 436793 – 436804
PTD 190654 – 190703
HS(D) 436805 – 436854
Mukim of Plentong
District of Johor Bahru
Taman Bukit Dahlia (Block C)
Development land
Mukim of Plentong
District of Johor Bahru
99 years lease
(Land titles is
yet to be issued)
Mixed housing
development
55.89 acres
5,800
1995
Taman Bukit Dahlia (Block D)
Development land
Mukim of Plentong
District of Johor Bahru
99 years lease
(Land titles is
yet to be issued)
Mixed housing
development
60.72 acres
7,096
1995
99 years lease
Expiring on
30.6.2103
Mixed housing
development
21.92 acres
4,977
1995
99 years lease
Expiring on
2.7.2100
Mixed housing
development
3.95 acres
915
1995
PTD 179207 – 179208
HS(D) 391369 – 391370 &
PTD 179223 – 179240
HS(D) 391385 – 391402
Mukim of Plentong
District of Johor Bahru
Freehold
Mixed housing
development
1.52 acres
352
1995
Development land
Mukim of Plentong
District of Johor Bahru
99 years lease
(Land title is
yet to be issued)
Mixed housing
development
43.36 acres
4,219
1995
Taman Bukit Dahlia (Block E)
PTD 179241 – 179336
HS(D) 371069 – 371164
PTD 179337 – 179348
HS(D) 371165 – 371176,
PTD 179350 – 179451
HS(D) 371177 – 371278,
PTD 179758 – 179877
HS(D) 371585 – 371704 &
PTD 179878 – 180230
HS(D) 371705 – 372057
Mukim of Plentong
District of Johor Bahru
Taman Bukit Dahlia (Block F)
PTD 155634 – 155669
HS(D) 317527 – 317562
Mukim of Plentong
District of Johor Bahru
Johor Land Berhad
2006 annual report
laporan tahunan
97
list of properties
Title/Location
Tenure/Approx.
age of building
Existing use
Land area/
Built-up area
Net book
value as at
31.12.2006
RM’000
Acquisition
Date
17,199
2004
348,377
2004
B. FUTURE DEVELOPMENT (cont’d.)
Bandar Dato’ Onn
PTD 138799 – 139442
HS(D) 424475 – 425098
Mukim of Tebrau
District of Johor Bahru
Development land
Mukim of Tebrau
District of Johor Bahru
Inderaputra Land
PTB 21108 HS(D) 380523
Mukim of Bandar Johor Bahru
District of Johor Bahru
Pagoh Land
Development Land
Mukim of Jorak
District of Muar
Vacant Factory Land at
Pasir Gudang
PTD 110889 – 110890
HS(D) 212052 – 212053 &
PTD 110895
HS(D) 212058
Mukim of Plentong
District of Johor Bahru
98
Johor Land Berhad
laporan tahunan 2006 annual report
Freehold
Mixed housing
development
69.85 acres
Freehold
(Land titles is
yet to be issued)
Mixed housing
development/
Oil palm estate
1,404.40 acres
Freehold
Vacant land
3,409.22 sq metres
7,049
2000
Leasehold
(Land title is
yet to be issued)
Mixed housing
development
55.65 acres
3,896
1998
60 years lease
Expiring on
27.6.2053
3 vacant
factory lots
7,661.521 sq metres
577
1995
shareholdings statistics as at 26 March 2007
Authorised Share Capital
Issued & Fully Paid-Up Capital
Class of Shares
: RM500,000,000
: RM122,000,000 less 951,800 Treasury Shares = 121,048,200
: Ordinary Share of RM1/= each
VOTING RIGHT OF SHAREHOLDERS
Every member of the Company present in person or by proxy shall have one vote on a show of hand and in the case of a poll shall
have one vote for every share of which he/she is the holder.
BREAK DOWN OF SHAREHOLDINGS
Size of Shareholdings
No. of Shareholders
%
No. of Shares
%
Less than 100
100 – 1,000
1,001 – 10,000
10,001 – 100,000
100,001 to less than 5% of Issued Capital
5% and above of Issued Capital
696
4,960
3,274
556
56
2
7.29
51.97
34.30
5.83
0.59
0.02
23,616
2,755,421
11,529,845
15,984,070
43,392,475
47,362,773
0.02
2.28
9.52
13.20
35.85
39.13
TOTAL
9,544
100.00
121,048,200
100.00
No. of Shares
%
28,606,390
18,756,383
5,571,000
5,017,670
4,318,937
23.63
15.50
4.60
4.15
3.57
3,500,000
2,892,270
2.89
2.39
2,667,100
1,794,580
1,756,488
2.20
1.48
1.45
1,500,000
1.24
1,414,000
1,003,260
969,000
1.17
0.83
0.80
770,000
630,000
0.64
0.52
578,510
537,690
0.48
0.44
494,400
402,950
0.41
0.33
TOP THIRTY SECURITIES ACCOUNT HOLDERS
(Without aggregating the securities from different securities accounts belonging to the same depositor)
Name
1.
2.
3.
4.
5.
6.
Johor Corporation
Johor Corporation
Johor Capital Holdings Sdn Bhd
Johor Ventures Sdn Bhd
Kumpulan Waqaf An-Nur Berhad
HSBC Noms (A) Sdn Bhd
7.
8.
Johor Corporation
OSK Noms (T) Sdn Bhd
9.
10.
11.
Permodalan Nasional Berhad
Employees Provident Fund Board
Amanah Raya Noms (T) Sdn Bhd
12.
ECM Libra Avenue Noms (A) Sdn Bhd
13.
14.
15.
Lembaga Tabung Amanah Warisan Negeri Terengganu
Shoptra Jaya (M) Sdn Bhd
Citigroup Noms (A) Sdn Bhd
16.
17.
Quah Wee Lai
PRB Noms (T) Sdn Bhd
18.
19.
Zalaraz Sdn Bhd
PRB Noms (T) Sdn Bhd
20.
Tabung Amanah Warisan Negeri Johor
– A/C Exempt An for Morgan Stanley & Co. Incorporated
– A/C Lee Cheng Hock
– A/C Skim Amanah Saham Bumiputera
– A/C DBS Vickers Secs (S) Pte Ltd for Optimus Capital International Limited
– A/C UBS AG for NPJ Global Opportunities Master Fund (Pledged)
– A/C Rubber Industry Smallholders Development Authority
– A/C Rubber Industry Smallholders Development Authority
Johor Land Berhad
2006 annual report
laporan tahunan
99
shareholdings statistics as at 26 March 2007
TOP THIRTY SECURITIES ACCOUNT HOLDERS (continued)
(Without aggregating the securities from different securities accounts belonging to the same depositor)
Name
21.
No. of Shares
%
394,000
0.33
380,000
360,400
350,980
0.31
0.30
0.29
350,160
0.29
325,600
315,400
0.27
0.26
270,000
262,400
0.22
0.22
247,940
0.20
No. of Shares
%
50,608,053
41.81
10,807,630
8.93
PRB Noms (T) Sdn Bhd
– A/C Rubber Industry Smallholders Development Authority
22.
OSK Noms (T) Sdn Bhd
23.
24.
25.
Lee Siew Hoon
Johor Corporation
PRB Noms (T) Sdn Bhd
26.
OSK Noms (T) Sdn Bhd
27.
28.
Lim Kian Huat
OSK Noms (T) Sdn Bhd
29.
30.
Lim Poh Teen
Citigroup Noms (A) Sdn Bhd
– A/C DMG & Partners Securities Pte Ltd for Tan Hian-Tsin (31-12122)
– A/C Rubber Industry Smallholders Development Authority
– A/C Seah Kiat Leong @ Sia Kiat Leong
– A/C DMG & Partners Securities Pte Ltd for Crocodile Int’l Sdn Bhd (3D-75749)
– A/C CBNY for DFA Emerging Markets Fund
SUBSTANTIAL SHAREHOLDERS
Name
1.
Johor Corporation – 5 a/cs
Johor Corporation Group – Johor Capital Holdings Sdn Bhd – 3 a/cs
– Johor Ventures Sdn Bhd – 2 a/cs
5,763,810
5,043,820
ANALYSIS OF SHAREHOLDERS
No. of Shareholders
%
No. of Shares
%
Malaysian – Bumiputra
– Others
Foreigners
1,017
7,279
1,248
10.65
76.27
13.08
80,781,937
26,355,604
13,910,659
66.74
21.77
11.49
TOTAL
9,544
100.00
121,048,200
100.00
100
Johor Land Berhad
laporan tahunan 2006 annual report
notice of annual general meeting
NOTICE IS HEREBY GIVEN THAT the Thirty Second (32nd) Annual General Meeting of Johor Land Berhad
will be held at Tanjung Puteri 305, Persada Johor International Convention Centre, Jalan Abdullah Ibrahim,
80000 Johor Bahru, Johor on Monday, 21 May 2007 at 12.00 noon for the following purposes:-
AS ORDINARY BUSINESSES:1.
2.
3.
To receive and adopt the Report and the Audited Financial Statements for the financial
year ended 31 December 2006 and the reports of the Directors and Auditors thereon;
Resolution 1
To approve final dividend of 3% gross (less Malaysian income tax at 27%) in respect
of the financial year ended 31 December 2006;
Resolution 2
To re-elect the following Directors who retire in accordance with the Company’s Articles
of Association:(i)
(ii)
(iii)
(iv)
4.
5.
6.
7.
Lukman Bin Hj Abu Bakar
Abdul Malek Bin Talib
Yusof Bin Rahmat
Mohd Talhar Bin Abdul Rahman
(Article
(Article
(Article
(Article
81)
81)
81)
87)
Resolution
Resolution
Resolution
Resolution
3
4
5
6
To re-elect Dato Hj Hassan Bin Hj Mohd Yunos, who is over the age of seventy (70)
years who retires in accordance with Section 129(6) of the Companies Act, 1965;
Resolution 7
To approve the payment of Directors’ fees in respect of the financial year ended
31 December 2006;
Resolution 8
To re-appoint Messrs KPMG as Auditors of the Company and to authorise the Directors
to fix their remuneration;
Resolution 9
To transact any other business of which due notice shall have been given;
AS SPECIAL BUSINESS:8.
To consider, and if thought fit, to pass the following Resolution as Ordinary Resolution:“That pursuant to Section 132(D) of the Companies Act, 1965, the Directors be and
are hereby authorised to allot and issue shares of the Company at any time until the
conclusion of the next Annual General Meeting, upon such terms and conditions and
for such purposes as the Directors may, in their absolute discretion shall deem fit
provided always that the aggregate number of shares to be allotted and issued shall not
exceed ten percent (10%) of the issued share capital of the Company for the time
being, subject always to the approval of all relevant regulatory bodies being obtained
for such allotment and issue.” (See note)
Resolution 10
Johor Land Berhad
2006 annual report
laporan tahunan
101
notice of annual general meeting
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT NO. 13
Subject to approval of Resolution 2, a final dividend of 3% gross (less Malaysian income tax
at 27%) in respect of the financial year ended 31 December 2006 on the entitled issued
ordinary share capital of the Company payable on 29 June 2007 to shareholders registered
in the Register of Members of the Company with the Registrars, Pro-Corporate Management
Services Sdn Bhd, Suite 2, 17th Floor, Kompleks Tun Abdul Razak, Jalan Wong Ah Fook,
80000 Johor Bahru, Johor at the close of business at 5.00 pm on 25 May 2007.
Further NOTICE IS ALSO HEREBY GIVEN THAT a depositor shall qualify for entitlement only
in respect of:a.
Shares transferred into the depositor’s securities accounts before 4.00 pm on 25 May
2007 in respect of ordinary transfers;
b.
Shares bought on the Bursa Malaysia Securities Berhad on a cum entitlement basis
according to the Rules of the Bursa Malaysia Securities Berhad.
By Order of the Board
JOHOR LAND BERHAD
JAMALLUDIN BIN KALAM (LS 02710)
IDHAM JIHADI BIN ABU BAKAR ACIS (MAICSA 7007381)
Secretaries
Venue : JOHOR BAHRU
Dated : 25 APRIL 2007
EXPLANATORY NOTE ON SPECIAL BUSINESS:Resolution 10
Your Board would like to act expeditiously to expand your Group’s core business, if and when
they arise. Although the investment sum involved may not be too substantial to require
shareholders’ approval at an Extraordinary General Meeting, the Directors may consider it
appropriate to finance such potential business opportunities by the issue of a limited number
of new shares. In order to facilitate the process, it is thus appropriate that the Directors be
authorised to issue shares in the Company up to an amount not exceeding in total 10% of
the existing issued capital of the Company for such purpose during the period. This authority,
unless revoked or varied at a general meeting, will take effect until the next Annual General
Meeting of the Company pursuant to Section 132(D) of the Companies Act, 1965.
102
Johor Land Berhad
laporan tahunan 2006 annual report
Notes:1. A member entitled to attend and vote
at this meeting is entitled to appoint a
proxy and vote instead of him. A
proxy may but need not be a member
of the Company.
2. The instrument appointing a proxy shall
be in writing under the hand of the
appointer or his attorney duly
authorised in writing or if the appointer
is a corporation/company either under
its common seal or under the hand of
its attorney duly authorised.
3. If a member appoints two proxies to
attend at the same meeting, the
instrument of proxy must specify the
proportion of his shareholdings to be
represented by each proxy.
4. The instrument appointing a proxy
must be deposited at the Registered
Office of the Company, at 13th Floor,
Menara Johor Corporation, KOTARAYA
80000 Johor Bahru, Johor not less
than forty eight (48) hours before the
time appointed for holding the meeting
or any adjournment thereof.
notis mesyuarat agung tahunan
DENGAN INI DIBERITAHU BAHAWA Mesyuarat Agung Tahunan Johor Land Berhad kali ke Tiga Puluh Dua
(32) akan diadakan di Tanjung Puteri 305, Persada Johor Pusat Konvensyen Antarabangsa, Jalan Abdullah
Ibrahim, 80000 Johor Bahru, Johor pada hari Isnin, 21 Mei 2007 pada jam 12.00 tengahari bagi tujuantujuan berikut:-
SEBAGAI URUSAN-URUSAN BIASA:1.
2.
3.
Menerima dan meluluskan Laporan dan Penyata Kewangan Beraudit bagi tahun
kewangan berakhir 31 Disember 2006 serta Laporan Pengarah-Pengarah dan Juruaudit
berkaitan dengannya;
Resolusi 1
Meluluskan dividen akhir sebanyak 3% kasar (ditolak 27% cukai pendapatan Malaysia)
bagi tahun kewangan berakhir 31 Disember 2006;
Resolusi 2
Melantik semula Pengarah-Pengarah berikut yang bersara mengikut Tataurusan Syarikat:(i)
(ii)
(iii)
(iv)
4.
5.
6.
7.
Lukman Bin Hj Abu Bakar
Abdul Malek Bin Talib
Yusof Bin Rahmat
Mohd Talhar Bin Abdul Rahman
(Artikel
(Artikel
(Artikel
(Artikel
81)
81)
81)
87)
Resolusi
Resolusi
Resolusi
Resolusi
3
4
5
6
Melantik semula Dato Hj Hassan Bin Hj Mohd Yunos yang berumur melebihi tujuh puluh
tahun (70) yang bersara mengikut Seksyen 129(6) Akta Syarikat, 1965;
Resolusi 7
Meluluskan pembayaran yuran Pengarah bagi tahun kewangan berakhir 31 Disember
2006;
Resolusi 8
Melantik semula Tetuan KPMG sebagai Juruaudit Syarikat dan memberi kuasa kepada
Pengarah-pengarah untuk menetapkan bayaran mereka;
Resolusi 9
Menjalankan sebarang urusan Syarikat yang lain di mana notis yang sewajarnya telah
diberi;
SEBAGAI URUSAN KHAS:8.
Untuk mempertimbangkan dan sekiranya didapati wajar, meluluskan Resolusi Biasa
berikut:“Bahawa selaras dengan peruntukan Seksyen 132(D) Akta Syarikat 1965, adalah dan
dengan ini para Pengarah diberi kuasa untuk memperuntukkan dan menerbitkan sahamsaham Syarikat pada bila-bila masa sehingga penutup Mesyuarat Agung Tahunan yang
akan datang, mengikut terma-terma dan syarat-syarat tertentu dan untuk tujuan-tujuan
tertentu sebagaimana para Pengarah mungkin, mengikut budibicara mutlak mereka,
fikirkan wajar dengan syarat bahawa agregat bilangan saham yang akan diperuntukkan
dan diterbitkan tidak melebihi sepuluh peratus (10%) daripada modal saham Syarikat
yang diterbitkan buat ketika ini, tertakluk sentiasa kepada kelulusan pihak-pihak berkuasa
yang berkaitan diperolehi bagi peruntukkan dan terbitan saham demikian” (Lihat nota)
Resolusi 10
Johor Land Berhad
2006 annual report
laporan tahunan
103
notis mesyuarat agung tahunan
NOTIS KELAYAKAN DAN PEMBAYARAN DIVIDEN NO. 13
Tertakluk kepada kelulusan Resolusi 2, dividen akhir sebanyak 3% kasar (ditolak 27% cukai
pendapatan Malaysia) bagi tahun berakhir 31 Disember 2006 ke atas saham-saham biasa
Syarikat yang berkelayakan akan dibayar pada 29 Jun 2007 kepada pemegang-pemegang
saham berdaftar di Daftar Pemegang Saham Syarikat dengan Pendaftar Saham Syarikat,
Pro-Corporate Management Services Sdn Bhd, Suite 2, Tingkat 17, Kompleks Tun Abdul
Razak, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor pada penutupan urusniaga pada jam
5.00 petang pada 25 Mei 2007.
DENGAN INI SELANJUTNYA DIBERITAHU BAHAWA pendeposit adalah berkelayakan untuk
hak dividen hanya dalam keadaan-keadaan berikut:
a.
Saham-saham yang dipindah milik kepada akaun sekuriti pendeposit sebelum jam
4.00 petang pada 25 Mei 2007 berkaitan dengan pindah milik-pindah milik biasa;
b.
Saham-saham yang dibeli di Bursa Malaysia Securities Berhad yang berkelayakan
berdasarkan kepada peraturan yang ditetapkan oleh Bursa Malaysia Securities Berhad.
Nota:-
Dengan Perintah Lembaga Pengarah
JOHOR LAND BERHAD
JAMALLUDIN BIN KALAM (LS 02710)
IDHAM JIHADI BIN ABU BAKAR ACIS (MAICSA 7007381)
Setiausaha-Setiausaha
Tempat : JOHOR BAHRU
Tarikh : 25 APRIL 2007
NOTA KETERANGAN BAGI URUSAN KHAS:Resolusi 10
Lembaga Pengarah perlu bertindak merebut peluang-peluang memperbesarkan perniagaan
utama Kumpulan dengan segera, apabila dan jika peluang-peluang itu muncul. Biarpun jumlah
pelaburannya mungkin tidak terlalu besar sehingga perlu mendapatkan kelulusan para
pemegang saham menerusi Mesyuarat Agung Luarbiasa, para Pengarah mungkin perlu untuk
membiayai peluang perniagaan yang berpotensi itu dengan menerbitkan sebilangan sahamsaham baru. Bagi memenuhi proses ini, adalah wajar para Pengarah diberikan kuasa
menerbitkan saham-saham dalam Syarikat dengan jumlahnya tidak melebihi sepuluh peratus
(10%) daripada terbitan modal saham Syarikat sedia ada untuk tujuan itu dalam tempoh
berkenaan. Kuasa ini kecuali dibatalkan atau diubahsuai dalam mesyuarat agung, akan
berkuatkuasa sehingga tamat Mesyuarat Agung Tahunan Syarikat berikutnya menurut Seksyen
132(D) Akta Syarikat, 1965.
104
Johor Land Berhad
laporan tahunan 2006 annual report
1. Seorang ahli yang berhak menghadiri
dan mengundi dalam Mesyuarat ini
berhak melantik seorang proksi untuk
menghadiri bagi pihak dirinya. Seorang
proksi tidak semestinya seorang ahli
syarikat.
2. Suratcara perlantikan proksi hendaklah
dibuat secara bertulis oleh pelantik
atau wakil mutlak yang berkuasa
atau jika pelantik adalah sebuah
perbadanan/syarikat suratcara mestilah
disempurnakan di bawah meterai
perbadanan/syarikat atau di dalam
bidang kuasa wakil mutlak.
3. Apabila seorang Ahli melantik dua
orang proksi dalam mesyuarat yang
sama, perlantikan tersebut hendaklah
menyatakan bilangan saham yang akan
diwakili oleh proksi masing-masing.
4. Suratcara perlantikan proksi hendaklah
sampai di Pejabat Berdaftar Syarikat, di
Tingkat 13, Menara Johor Corporation,
KOTARAYA 80000 Johor Bahru, Johor
tidak lewat dari empat puluh lapan (48)
jam sebelum mesyuarat ditetapkan
atau
sebarang
mesyuarat
penangguhannya.
statement accompanying the notice of annual general meeting
1.
Directors who are standing for re-election at the Thirty Second (32nd) Annual General Meeting of the Company scheduled to be
held at Tanjung Puteri 305, Persada Johor International Convention Centre, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor on
Monday, 21 May 2007 at 12.00 noon are as follows:(i)
(ii)
(iii)
(iv)
(v)
Lukman Bin Hj Abu Bakar
Abdul Malek Bin Talib
Yusof Bin Rahmat
Mohd Talhar Bin Abdul Rahman
Dato Hj Hassan Bin Hj Mohd Yunos
(Article 81)
(Article 81)
(Article 81)
(Article 87)
(Section 129(6) of the Company Act, 1965)
Resolution
Resolution
Resolution
Resolution
Resolution
3
4
5
6
7
The profiles of the Directors standing for re-election are on pages 10, 13, 15, 16 and 17.
2.
The Thirty First (31st) Annual General Meeting of the Company was held at Delima Room, The Puteri Pacific Hotel, Jalan Abdullah
Ibrahim, 80000 Johor Bahru, Johor on Wednesday, 24 May 2006 at 12.00 noon.
3.
Details of the Board of Directors’ Meetings.
Four (4) Board of Directors’ Meetings were held during the financial year ended 31 December 2006. Details of the Board of
Directors’ Meetings are as follows:Date
Venue
27 February 2006
2.30 pm
Meeting Room, 14th Floor, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru
24 May 2006
9.00 am
Nilam Room, Level 2, The Puteri Pacific Hotel, 80000 Johor Bahru
28 August 2006
9.00 am
Meeting Room, 14th Floor, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru
27 November 2006
4.
Time
10.00 am
Conference Room, Nusa Mutiara Complex, 81100 Johor Bahru
Details of attendance of Directors at Board Meetings are as follows:-
Name
Date of
Appointment
27/2/06
24/5/06
28/8/06
27/11/06
Tan Sri Dato’ Muhammad Ali Hashim
1 January 2006
/
/
/
/
Mohd Talhar Bin Abdul Rahman
15 April 1996
/
OS
OS
/
A.F.M Shafiqul Hafiz
1 May 1988
/
/
/
/
Ahamad Bin Mohamad
(resigned with effect from 1 August 2006)
1 January 1996
/
/
—
—
Kua Hwee Sim
1 May 1996
/
/
/
/
Dato Hj Hassan Bin Hj Mohd Yunos
1 August 2005
/
/
OS
/
Mahlil Bin Omar
3 July 2001
/
/
/
/
Md Tamyes Bin A. Rahim
(resigned with effect from 2 May 2006)
15 March 1995
/
—
—
—
Azizah Binti Abdul Rahman
(resigned with effect from 15 August 2006)
10 January 2005
/
/
—
—
Lukman Bin Hj Abu Bakar
1 August 2006
—
—
/
/
Abdul Malek Bin Talib
1 January 2007
—
—
—
—
Yusof Bin Rahmat
1 January 2007
—
—
—
—
OS – Overseas
Johor Land Berhad
2006 annual report
laporan tahunan
105
penyata bersama notis mesyuarat agung tahunan
1.
Para Pengarah yang menawarkan diri untuk dipilih semula pada Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Dua (32)
yang dijadualkan akan diadakan di Tanjung Puteri 305, Persada Johor Pusat Konvensyen Antarabangsa, Jalan Abdullah Ibrahim, 80000
Johor Bahru, Johor pada hari Isnin, 21 Mei 2007 pada jam 12.00 tengahari adalah seperti berikut:(i)
(ii)
(iii)
(iv)
(v)
Lukman Bin Hj Abu Bakar
Abdul Malek Bin Talib
Yusof Bin Rahmat
Mohd Talhar Bin Abdul Rahman
Dato Hj Hassan Bin Hj Mohd Yunos
(Artikel 81)
(Artikel 81)
(Artikel 81)
(Artikel 87)
(Seksyen 129(6) Akta Syarikat, 1965)
Resolusi
Resolusi
Resolusi
Resolusi
Resolusi
3
4
5
6
7
Profil para Pengarah yang menawarkan diri untuk dipilih semula adalah seperti di muka surat 10, 13, 15, 16 dan 17.
2.
Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Satu (31) telah diadakan di Bilik Delima, Hotel Puteri Pacific, Jalan Abdullah
Ibrahim, 80000 Johor Bahru, Johor pada hari Rabu, 24 Mei 2006 pada jam 12.00 tengahari.
3.
Butiran Mesyuarat Ahli Lembaga Pengarah.
Empat (4) Mesyuarat Ahli Lembaga Pengarah telah diadakan pada tahun kewangan berakhir 31 Disember 2006. Butiran Mesyuarat
Ahli Lembaga Pengarah adalah seperti berikut:Tarikh
Tempat
27 Februari 2006
2.30 petang
Bilik Mesyuarat, Tingkat 14, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru
24 Mei 2006
9.00 pagi
Bilik Nilam, Tingkat 2, Hotel Puteri Pacific, 80000 Johor Bahru
28 Ogos 2006
9.00 pagi
Bilik Mesyuarat, Tingkat 14, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru
27 November 2006
4.
Masa
10.00 pagi
Bilik Persidangan, Kompleks Nusa Mutiara, 81100 Johor Bahru
Butiran mengenai kehadiran para Pengarah di Mesyuarat Ahli Lembaga Pengarah adalah seperti berikut:-
Nama
27/2/06
24/5/06
28/8/06
27/11/06
Tan Sri Dato’ Muhammad Ali Hashim
1 Januari 2006
/
/
/
/
Mohd Talhar Bin Abdul Rahman
15 April 1996
/
LN
LN
/
A.F.M Shafiqul Hafiz
1 Mei 1988
/
/
/
/
Ahamad Bin Mohamad
(meletak jawatan berkuatkuasa mulai 1 Ogos 2006)
1 Januari 1996
/
/
—
—
Kua Hwee Sim
1 Mei 1996
/
/
/
/
Dato Hj Hassan Bin Hj Mohd Yunos
1 Ogos 2005
/
/
LN
/
Mahlil Bin Omar
3 Julai 2001
/
/
/
/
Md Tamyes Bin A. Rahim
(meletak jawatan berkuatkuasa mulai 2 Mei 2006)
15 Mac 1995
/
—
—
—
Azizah Binti Abdul Rahman
(meletak jawatan berkuatkuasa mulai 15 Ogos 2006)
10 Januari 2005
/
/
—
—
Lukman Bin Hj Abu Bakar
1 Ogos 2006
—
—
/
/
Abdul Malek Bin Talib
1 Januari 2007
—
—
—
—
Yusof Bin Rahmat
1 Januari 2007
—
—
—
—
LN – Luar Negara
106
Tarikh
Perlantikan
Johor Land Berhad
laporan tahunan 2006 annual report
corporate directory
JOHOR LAND BERHAD
Tebrau Divison/Sales Office
(Company No: 12379-K)
Kompleks Nusa Mutiara
Jalan Bukit Mutiara
81100 Johor Bahru
Johor Darul Ta’zim
Malaysia
Tel : 07-358 2692
Fax : 07-353 2692
Main Office
10th Floor, KOMTAR
Jalan Wong Ah Fook
80000 Johor Bahru
Johor Darul Ta’zim
Malaysia
Tel : 07-227 2692
Fax : 07-226 2962
Johor Bahru Division
10th Floor, KOMTAR
Jalan Wong Ah Fook
80000 Johor Bahru
Johor Darul Ta’zim
Malaysia
Tel : 07-227 2692
Fax : 07-226 2962
Pasir Gudang Division
No. 58-58A
Jalan Mawar 46
Taman Mawar
81700 Pasir Gudang
Johor Darul Ta’zim
Malaysia
Tel : 07-251 5692
Fax : 07-256 4611
Tiram Division/Sales Office
Taman Bukit Tiram
81800 Ulu Tiram
Johor Darul Ta’zim
Malaysia
Tel : 07-358 3692
Fax : 07-353 2692
ADVANCE DEVELOPMENT SDN.
BHD.
(Company No: 13974-A)
10th Floor, KOMTAR
Jalan Wong Ah Fook
80000 Johor Bahru
Johor Darul Ta’zim
Malaysia
Tel : 07-227 2692
Fax : 07-226 2962
JOHOR LAND MANUFACTURING
SDN. BHD.
(Company No: 301430-D)
10th Floor, KOMTAR
Jalan Wong Ah Fook
80000 Johor Bahru
Johor Darul Ta’zim
Malaysia
Tel : 07-227 2692
Fax : 07-226 2962
PEMBINAAN PREFAB SDN. BHD.
(Company No: 30936-A)
10th Floor, KOMTAR
Jalan Wong Ah Fook
80000 Johor Bahru
Johor Darul Ta’zim
Malaysia
Tel : 07-227 2692
Fax : 07-226 2962
REVERTEX (MALAYSIA) SDN. BHD.
(Company No: 13437-V)
11⁄2 Miles, Jalan Batu Pahat
86000 Kluang
Johor Darul Ta’zim
Malaysia
Tel : 07-773 1000
Fax : 07-772 4669
Pasir Gudang Sales Office
Mini Dahlia, Persiaran Dahlia 1
Taman Bukit Dahlia
81700 Pasir Gudang
Johor Darul Ta’zim
Malaysia
Tel : 07-252 2692
Fax : 07-252 8108
Johor Land Berhad
2006 annual report
laporan tahunan
107
This page has been intentionally left blank.
Muka surat ini sengaja dibiarkan kosong.
proxy form
*I/We
(BLOCK LETTERS)
of
being *a member/members of JOHOR LAND BERHAD hereby *appoints/appoint the *Chairman of the Meeting or
as *my/our Proxy to vote for *me/us on *my/our behalf at the Thirty Second (32nd) Annual General Meeting of the Company to be held
on Monday, 21 May 2007 at 12.00 noon or at any adjournment of such meeting.
Should you desire to direct your Proxy how to vote on the Resolutions set out in the Notice of Meeting and as summarised below, please
indicate with an “X” in the appropriate space. If no direction as to voting is given, the Proxy will vote or abstain at his/her discretion.
RESOLUTION
DESCRIPTION
FOR
1
To receive the report and the Audited Financial Statements
2
To approve final dividend
3
To re-elect Lukman Bin Hj Abu Bakar as Director (Article 81)
4
To re-elect Abdul Malek Bin Talib as Director (Article 81)
5
To re-elect Yusof Bin Rahmat as Director (Article 81)
6
To re-elect Mohd Talhar Bin Abdul Rahman as Director (Article 87)
7
To re-elect Dato Hj Hassan Bin Hj Mohd Yunos as Director
(Section 129(6) of the Companies Act, 1965)
8
To approve Directors’ fees
9
To re-appoint Auditors
10
To approve issuance of shares
AGAINST
Number of Shares
Signed this
day of
2007.
Signature of Member(s)
Notes:1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy and vote instead of him. A proxy may but need
not be a member of the Company.
2. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or if
the appointer is a Corporation/Company either under its common seal or under the hand of its attorney duly authorised.
3. If a member appoints two proxies to attend at the same meeting, the instrument of proxy must specify the proportion of his
shareholdings to be represented by each proxy.
4. The instrument appointing a proxy must be deposited at the Registered Office of the Company, at 13th Floor, Menara Johor
Corporation, KOTARAYA 80000 Johor Bahru, Johor not less than forty eight (48) hours before the time appointed for holding the
meeting or any adjournment thereof.
(*) Please strike out whichever inapplicable.
FOLD HERE
FOLD HERE
STAMP
THE COMPANY SECRETARY
JOHOR LAND BERHAD
(12379-K)
13th Floor, Menara Johor Corporation
KOTARAYA, 80000 Johor Bahru, Johor
MALAYSIA
borang proksi
*Saya/Kami
(HURUF BESAR)
beralamat
sebagai *ahli/ahli-ahli JOHOR LAND BERHAD dengan ini melantik *Pengerusi Mesyuarat atau
sebagai Proksi *saya/kami untuk mengundi bagi pihak *saya/kami dalam Mesyuarat Agung Tahunan Syarikat kali Ke Tiga Puluh Dua (32)
yang akan diadakan pada hari Isnin, 21 Mei 2007, jam 12.00 tengahari atau di sebarang penangguhannya.
Jika anda ingin mengarahkan Proksi anda mengundi ke atas resolusi-resolusi yang dinyatakan di dalam Notis Mesyuarat dan seperti
ringkasan di bawah, tandakan dengan “X” dalam ruang yang disediakan. Jika tiada arahan tertentu diberi, Proksi anda akan mengundi atau
berkecuali mengikut budi bicaranya sendiri.
RESOLUSI
KETERANGAN
MENYOKONG
1
Menerima laporan dan Penyata Kewangan Beraudit
2
Meluluskan dividen akhir
3
Melantik semula Lukman Bin Hj Abu Bakar sebagai Pengarah (Artikel 81)
4
Melantik semula Abdul Malek Bin Talib sebagai Pengarah (Artikel 81)
5
Melantik semula Yusof Bin Rahmat sebagai Pengarah (Artikel 81)
6
Melantik semula Mohd Talhar Bin Abdul Rahman sebagai Pengarah (Artikel 87)
7
Melantik semula Dato Hj Hassan Bin Hj Mohd Yunos sebagai Pengarah
(Seksyen 129(6) Akta Syarikat 1965)
8
Meluluskan bayaran Yuran Pengarah
9
Melantik semula Juruaudit
10
Meluluskan penerbitan saham-saham
MENENTANG
Bilangan Saham
Ditandatangani pada
haribulan
2007.
Tandatangan Ahli/Ahli-ahli
Nota:1. Seorang ahli yang berhak menghadiri dan mengundi dalam Mesyuarat ini berhak melantik seorang proksi untuk menghadiri bagi pihak
dirinya. Seorang proksi tidak semestinya seorang ahli Syarikat.
2. Suratcara perlantikan proksi hendaklah dibuat secara bertulis oleh pelantik atau wakil mutlak yang berkuasa atau jika pelantik adalah
sebuah perbadanan/syarikat, suratcara mestilah disempurnakan di bawah meterai perbadanan/syarikat atau di dalam bidang kuasa wakil
mutlak.
3. Apabila seorang Ahli melantik dua orang proksi dalam mesyuarat yang sama, perlantikan tersebut hendaklah menyatakan bilangan
saham yang akan diwakili oleh proksi masing-masing.
4. Suratcara perlantikan proksi hendaklah sampai di Pejabat Berdaftar Syarikat, di Tingkat 13, Menara Johor Corporation, KOTARAYA
80000 Johor Bahru, Johor tidak lewat dari empat puluh lapan (48) jam sebelum mesyuarat ditetapkan atau sebarang mesyuarat
penangguhannya.
(*) Sila potong mana-mana yang tidak berkenaan.
LIPAT DI SINI
LIPAT DI SINI
SETEM
SETIAUSAHA SYARIKAT
JOHOR LAND BERHAD
(12379-K)
Tingkat 13, Menara Johor Corporation
KOTARAYA, 80000 Johor Bahru, Johor
MALAYSIA
JOHOR LAND BERHAD
JohorLand
Laporan Tahunan 2006 Annual Report
BERHAD 12379-K
(12379-K)
Laporan Tahunan
2006
10th Floor, KOMTAR, Jalan Wong Ah Fook, 80000 Johor Bahru, Johor, Malaysia.
Tel: 07-227 2692 Fax: 07-226 2962
Annual Report
www.jland.com.my
Building Communities
Enriching Lives